Drone Stocks Soar As Pentagon Considers Funding, Including a Trump-Linked NameAxon Enterprise NASDAQ: AXON President Josh Isner said the company continues to see durable growth opportunities across public safety, international markets, enterprise customers and new artificial intelligence products, speaking during a William Blair & Company fireside chat hosted by research analyst Jonathan Ho.
Isner described Axon’s evolution from its 1993 founding as the maker of TASER devices into a broader public safety technology platform. He said the company’s camera products led to the creation of Evidence.com, which he described as “the largest police evidence repository in the world,” managing about 50 times as much content as the Netflix library and making Axon Microsoft Azure’s biggest customer.
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Airplane Maintenance Companies That Keep Flights Moving Are Ready to SoarThat evidence platform now supports data from body cameras, in-car video, fixed cameras, drones, robots, license plate recognition and other sensors, Isner said. He added that the company’s mission remains “to protect life” by building tools intended to keep police officers and community members safer.
Bookings and margins remain central to growth outlook Isner pointed to five-year bookings as a leading indicator for revenue, saying that if bookings continue to grow by more than 30%, “you can kind of expect revenue to follow that same trend.” He said Axon’s bookings have increased roughly 4.5 times since 2022, while net revenue retention continues to rise as the company sells more products to existing customers.
Axon Surged After Earnings and Is Still Down Over 50% From HighsHe said Axon has been a 30% revenue grower for several years, after growing 25% annually for seven years before that. Isner also highlighted margin expansion, saying adjusted EBITDA margins have risen from about 19% four or five years ago to guidance of 25.5% this year. The company’s long-term guidance calls for 28% EBITDA margins in 2028, he said.
Asked about balancing profitability and growth, Isner said Axon believes it can do both, but would prioritize growth if forced to choose. “It’s way harder to figure out how to grow 30-plus percent than to figure out how to cut costs,” he said.
AI products driving customer interest Isner said Axon booked more than $750 million in dedicated AI tools last year, and that AI bookings were up 140% year over year in the first quarter. He emphasized that Axon’s AI products are already being used by police agencies rather than remaining theoretical.
The company’s flagship AI product, Draft One, uses the audio from body camera footage to create a draft police report, which officers must review and edit before submission. Isner said officers previously spent about 50% of their time writing reports, and that Draft One has reduced that figure to about 20%, giving officers roughly a day and a half per week back for field work.
Other AI products discussed included:
Real-time translation: A body camera feature that identifies a spoken language and translates conversations between officers and the public, which Isner said is being used for the World Cup, at the border and internationally. Axon Vision: A tool that turns CCTV cameras into detection systems for incidents such as a person lying motionless, a struggle or a vehicle break-in. Axon Gravity: A product that connects Evidence.com with other police systems to provide real-time insights across data sets. Isner said Axon views itself as a distribution channel for frontier AI models in law enforcement. He said the company diversifies across vendors, tests publicly available models and maintains version-control flexibility to reduce operational and reputational risk.
New markets and counter-drone demand Axon’s core market remains U.S. state and local public safety, but Isner said international, federal and enterprise customers represent significant long-term opportunities. He said international bookings exceeded $1 billion last year and suggested that international could eventually become larger than the U.S. business if the company executes well. He also said enterprise could become larger than both.
Isner cited private security, retail, security operations centers and Fortune 500 companies as examples of enterprise use cases. He said Axon’s approach is to sell existing products into newer markets while continuing to build new products for its established U.S. public safety customers.
Counter-drone technology was another major topic. Isner said Axon’s Dedrone product line was up 300% year over year in the first quarter and has drawn significant interest amid growing awareness of drone threats. He said the largest current markets for Dedrone are international, federal and enterprise customers, while state and local adoption depends on cities gaining more authority to mitigate drones.
According to Isner, World Cup host cities have received waivers allowing them to mitigate drones, an authority that generally resides with the FAA. He said those cities are effectively getting early deployments of the product, often mounted on trailers to protect stadium airspace, with the potential to later install fixed systems around cities.
TASER and 911 initiatives remain in focus In response to an audience question, Isner said Axon is in the fourth year of its current five-year TASER product cycle. He said TASER 10, which fires 10 darts rather than two cartridges, has sold at twice the volume of TASER 7 over the same period of availability. He said future development is focused on improving effectiveness by addressing resistance from heavy clothing, including new dart designs and machine-vision guidance.
Isner also discussed Axon’s 911 strategy, saying many call centers still rely on antiquated on-premise technology. He said Axon acquired Prepared 911 to add AI capabilities over existing infrastructure, including call transcription, language localization and the potential to dispatch drones using cell phone metadata. He said the company also acquired Carbyne, a cloud-native call center infrastructure provider, as part of a longer-term effort to modernize emergency communications systems.
On distribution, Isner said Axon favors a direct sales model in U.S. state and local markets and generally in federal markets, where it has established relationships. In international and enterprise markets, he said system integrators and partners are more important because Axon does not have the same level of incumbency.
About Axon Enterprise NASDAQ: AXONAxon Enterprise, Inc develops technology and weapons systems for public safety and law enforcement agencies, combining hardware, software and cloud services. The company's hardware portfolio includes conducted energy weapons (commonly known as TASER devices), body-worn cameras and in-car camera systems. Axon pairs these devices with a suite of connected products and accessories designed to capture, store and manage field evidence.
Beyond hardware, Axon operates a subscription-based software platform for digital evidence management, evidence review and records management.
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On June 1, mission-critical public safety juggernaut Motorola Solutions (MSI +0.71%) acquired counter-drone technology specialist D-Fend Solutions for $1.5 billion. I find that deal interesting for a few reasons. First, D-Fend's operations complement Motorola's expertise with various radio frequency (RF) capabilities, which reside in the company's leading land-mobile radio (LMR) networks and quickly growing mobile ad hoc networks (MANET) unit. D-Fend uses "advanced RF cyber-takeover technology" to safely mitigate unauthorized drone activity at airports, stadiums, military bases, and other critical locations. Said another way, through this acquisition of a company with complementary technology, Motorola should be able to expand its leadership in the public safety niche.
Second, the D-Fend purchase further pits Motorola and Axon Enterprise (AXON 2.26%) against each other as direct competitors in the public safety industry. However, even though the companies are going head-to-head in public safety, I don't think investors necessarily need to try to pick a "winner" between the two.
Image source: Getty Images.
Where Motorola and Axon are similar... In 2024, Axon acquired an up-and-coming drone company of its own, Dedrone, for roughly $400 million, and has since built out drone-as-a-first-responder (DFR) programs while also offering systems to mitigate unauthorized drones, much like D-Fend. While Axon and Motorola are far from the only drone specialists, their connections to public safety, defense, and enterprise customers make their integrated drone capabilities a must-have solution in many cases.
In addition to their somewhat overlapping drone operations, Axon and Motorola are the No. 1 and No. 2 players in the police body camera, automated license plate reading, and in-car camera niches. Because the companies each install their integrated hardware and software ecosystems for their government and public safety customers, they benefit from high switching costs. That gives both businesses robust moats.
Meanwhile, the two have leading positions in the 911 and command center niche. Motorola has stated that over 60% of the United States' 911 centers use at least one of its software solutions; Axon also has a burgeoning dispatch and command center business, though it doesn't match Motorola's scale. These command centers tie together DFR programs, police body cams, license plate readers, and everything else for each company, creating ecosystems customers are unlikely to want to step away from once they have fully integrated them into their operations.
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... and where they're different The biggest differentiator for Axon is its long-standing Taser business: According to management, its newest TASER 10 units are used once every 30 seconds across the U.S. While Tasers aren't the growth story for Axon anymore, the Tasers themselves still need to be replaced every several years, and new cartridge orders mean that segment of the business operates on a steady razor-and-blades model. Furthermore, Axon is likely leading the field in incorporating AI into its operations. AI helps power Draft One (its audio-to-report transcription software), parse and redact information from records, and streamline numerous time-consuming processes across the law-enforcement and judicial systems.
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Meanwhile, Motorola's biggest differentiator from Axon is its leadership position in mission-critical communications with its redundant LMR networks and its MANET offerings. When disasters like hurricanes knock out standard cell service, Motorola's 13,000-plus LMR networks worldwide step in to provide critical emergency communication services. The contracts for these services run for several years -- if not decades -- and are often essential for the organizations that purchase them, so they're an undeniably steady source of income for Motorola. Additionally, the company's leading-edge, self-healing MANET systems are quickly becoming a must-have for defense and unmanned systems customers.
Lastly, Motorola also has more than 5 million fixed cameras installed worldwide and uses AI to discern potentially suspicious activity across the vast volume of video they record for its enterprise customers.
Which stock is the better buy? At the end of the day, I really believe both stocks are well positioned to beat the market over the next decade. However, Axon is the "swing for the fences" investment of the two, offering multibagger growth-stock potential. In contrast, Motorola is more of a steady-Eddie compounder that could quietly exceed the market's average returns.
Motorola trades at 24 times forward earnings, grew its sales by 7% in the latest quarter, and has raised its dividend for 14 years straight, making it an excellent choice for dividend growth investors. Meanwhile, Axon trades at a lofty 62 times forward earnings, but just delivered 34% sales growth and should become markedly more profitable as it matures.
Axon is already a core portfolio position for me -- and I will probably keep adding to it over time, especially amid its current 45% pullback from its 52-week high. However, I'll also be looking to start a position in Motorola Solutions in the wake of its slight pullback, as I believe the two companies look poised to become dominant forces in the public safety niche. Both are great options, so choose whichever stock fits your risk appetite best -- or perhaps, like me, you could choose both.
Key Takeaways AXON's Connected Devices revenues climbed 32.8% in Q1 2026 on TASER 10 and Axon Body 4 demand.AXON's Software & Services revenues rose 35%, supported by user growth and recurring revenues.AXON raised its revenue growth outlook to 30-32% and expanded offerings through acquisitions. Shares of Axon Enterprise, Inc. (AXON - Free Report) have been showing impressive gains of late, rising 23.3% in the past month. Shares of the public safety technology solution provider have outpaced the Zacks sub-industry’s growth of 2.7% and the S&P 500 composite’s 0.8% decline. The company has also outperformed other industry players like Kratos Defense & Security Solutions, Inc. (KTOS - Free Report) and Teledyne Technologies Incorporated (TDY - Free Report) , which have returned 2.7% and declined 4.8%, respectively, over the same time frame.
AXON Stock’s Price Performance
Image Source: Zacks Investment Research
Closing at $486.12 yesterday, the stock is trading below its 52-week high of $885.92 but higher than its 52-week low of $339.01. Although the stock is hovering above its 50-day moving average, it is trading below its 200-day moving average.
AXON Shares’ 50-Day and 200-Day SMA
Image Source: Zacks Investment Research
What’s Behind AXON Stock’s Momentum?The strongest driver of Axon’s business at the moment is the solid momentum in its Connected Devices segment. The company continues to witness solid demand for its next-generation TASER 10 products, whose shipment began in 2023. Growth in cartridge revenues, driven by higher adoption of the TASER products, has been driving the segment’s performance.
Solid demand for its next-generation body-worn camera, Axon Body 4, virtual reality training services and counter-drone equipment also supports its growth. Segmental revenues surged 32.8% year over year in the first quarter of 2026, following an increase of 29.1% in 2025.
The company is also witnessing persistent strength in its Software & Services segment, driven by an increase in the aggregate number of users to the Axon network. Continued momentum in digital evidence management and increased adoption of its latest software offerings are driving the segment’s growth.
Existing customers are consistently returning to purchase additional services, reflecting strong customer satisfaction and engagement. This ongoing expansion supports a growing base of annual recurring revenue (ARR). After witnessing a year-over-year 39.6% jump in 2025 revenues, the metric increased 35% in the first quarter of 2026.
AXON remains focused on strategic collaborations with other companies to expand its product offerings and customer base. In October 2025, Axon’s Dedrone business announced its partnership with TYTAN (a leading provider of interceptor systems for Group 3 drones) to boost detection, identification and mitigation capabilities of counter drone equipment. The integration of TYTAN’s kinetic interceptor technology enhanced Dedrone’s Counter-Unmanned Aircraft Systems (CUAS) mitigation capability, making it suitable to deploy against Group 3 threats.
Axon’s acquisition of Carbyne (in February 2026) also enabled it to come up with Axon 911, a state-of-the-art, fully integrated solution that is designed to connect callers and responders instantly. Growing popularity for its Dedrone platform across several sectors also bodes well. The company currently expects revenues to increase approximately 30-32% year over year, higher than 27-30% predicted earlier.
AXON’s Earnings Estimate RevisionThe company’s earnings estimates for 2026 have inched down 0.4% to $8.09 per share over the past 60 days. However. the figure indicates year-over-year growth of 18.1%.
Earnings estimates for 2027 have moved up 0.1% to $10.68 per share. The figure also indicates year-over-year growth of 32%.
Image Source: Zacks Investment Research
Valuation Remains an OverhangThe stock is trading at a forward 12-month price-to-earnings (P/E) ratio of 52.75X, higher than the industry average of 47.30X. This elevated valuation could make the stock vulnerable to further pullbacks if market sentiment sours.
While its peer, Teledyne Technologies, is trading cheaper compared with AXON, Kratos Defense is trading at a premium. Notably, Teledyne Technologies and Kratos Defense are trading at 24.23X and 67.72X, respectively.
Image Source: Zacks Investment Research
Should You Buy AXON Stock Now?Robust momentum across Axon’s TASER and Software & Sensors segments, along with its investments in AI products, drones and robotics, positions it favorably for impressive growth in the quarters ahead. The company’s strategic acquisitions and collaborations with other companies to expand product offerings should also support its top-line performance.
Despite its expensive valuation, positive analyst sentiment and robust growth prospects indicate it is the right time for potential investors to bet on this Zacks Rank #1 (Strong Buy) company. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the latest trading session, Axon Enterprise (AXON - Free Report) closed at $452.51, marking a -3.94% move from the previous day. This change lagged the S&P 500's daily loss of 0.26%. At the same time, the Dow added 0.17%, and the tech-heavy Nasdaq lost 0.97%.
Shares of the maker of stun guns and body cameras witnessed a gain of 19.45% over the previous month, beating the performance of the Aerospace sector with its gain of 1.06%, and the S&P 500's gain of 0.23%.
The investment community will be closely monitoring the performance of Axon Enterprise in its forthcoming earnings report. The company's earnings per share (EPS) are projected to be $1.91, reflecting a 9.91% decrease from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $868.35 million, indicating a 29.89% increase compared to the same quarter of the previous year.
AXON's full-year Zacks Consensus Estimates are calling for earnings of $8.09 per share and revenue of $3.64 billion. These results would represent year-over-year changes of +18.1% and +30.99%, respectively.
It's also important for investors to be aware of any recent modifications to analyst estimates for Axon Enterprise. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 3.48% higher. Axon Enterprise is currently a Zacks Rank #1 (Strong Buy).
Looking at its valuation, Axon Enterprise is holding a Forward P/E ratio of 58.23. This indicates a premium in contrast to its industry's Forward P/E of 35.86.
Investors should also note that AXON has a PEG ratio of 1.93 right now. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Aerospace - Defense Equipment was holding an average PEG ratio of 2.15 at yesterday's closing price.
The Aerospace - Defense Equipment industry is part of the Aerospace sector. Currently, this industry holds a Zacks Industry Rank of 63, positioning it in the top 26% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?
Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Axon Enterprise (AXON - Free Report) .
Axon currently has an average brokerage recommendation (ABR) of 1.27, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 20 brokerage firms. An ABR of 1.27 approximates between Strong Buy and Buy.
Of the 20 recommendations that derive the current ABR, 15 are Strong Buy and four are Buy. Strong Buy and Buy respectively account for 75% and 20% of all recommendations.
Brokerage Recommendation Trends for AXON
Check price target & stock forecast for Axon here>>>
The ABR suggests buying Axon, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.
Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation.
In other words, their interests aren't always aligned with retail investors, rarely indicating where the price of a stock could actually be heading. Therefore, the best use of this information could be validating your own research or an indicator that has proven to be highly successful in predicting a stock's price movement.
Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.
Zacks Rank Should Not Be Confused With ABRAlthough both Zacks Rank and ABR are displayed in a range of 1--5, they are different measures altogether.
Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.
It has been and continues to be the case that analysts employed by brokerage firms are overly optimistic with their recommendations. Because of their employers' vested interests, these analysts issue more favorable ratings than their research would support, misguiding investors far more often than helping them.
On the other hand, earnings estimate revisions are at the core of the Zacks Rank. And empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.
There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.
Is AXON a Good Investment?In terms of earnings estimate revisions for Axon, the Zacks Consensus Estimate for the current year has increased 3.5% over the past month to $8.09.
Analysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason for the stock to soar in the near term.
The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #1 (Strong Buy) for Axon. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Therefore, the Buy-equivalent ABR for Axon may serve as a useful guide for investors.
Key Takeaways AXON's Connected Devices revenues surged 33% in Q1 2026 after growing 29.1% in 2025.TASER revenues rose 19% and Personal Sensors revenues increased 23%, led by Axon Body 4.Platform Solutions revenues soared 95%, driven by counter-drone, virtual reality and fleet offerings. Axon Enterprise, Inc. (AXON - Free Report) is benefiting from the persistent strength in its Connected Devices segment. Solid demand for its next-generation TASER 10 products, counter-drone equipment and virtual reality training services has been driving the segment’s performance.
Growth in cartridge revenues, driven by the higher adoption of the TASER products, has also been augmenting the results. With upgraded features such as a bi-directional communications facility and a point-of-view camera module option, the company’s advanced body-worn camera, Axon Body 4, is witnessing strong orders, boosting the segment’s growth.
In the first quarter, revenues from the company’s TASER product line increased 19% year over year, driven by TASER 10, while those from the Personal Sensors surged 23%, led by Axon Body 4. Also, revenues from the Platform Solutions product line soared 95%, supported by counter-drone, virtual reality and fleet. The positive momentum across these product lines boosted the segment’s revenues, which surged 33% year over year in first-quarter 2026, following an increase of 29.1% in 2025.
The demand for Axon’s advanced public safety technologies is expected to remain strong due to growing instances of terrorism and criminal activities globally. This is likely to drive demand for AXON’s Connected Devices portfolio, positioning the segment well for sustained growth in the quarters ahead.
Driven by business strength, Axon issued bullish guidance for 2026. It currently expects total revenues to increase approximately 30-32% year over year, higher than 27-30% guided earlier.
Segment Snapshot of AXON's PeersAmong its major peers, Kratos Defense & Security Solutions, Inc.’s (KTOS - Free Report) Government Solutions segment’s first-quarter 2026 revenues increased 20.4% year over year to $288.4 million. This was driven by higher sales of Kratos Defense’s businesses, with the most notable growth in its Turbine Technologies, Defense Rocket Systems and Microwave Products businesses. Kratos Defense derived 77.7% of its total revenues from this segment during the quarter.
Teledyne Technologies Incorporated’s (TDY - Free Report) Digital Imaging segment’s first-quarter 2026 revenues increased 7.9% year over year to $816.9 million. The top-line results were driven by increased sales of infrared imaging detectors, components and subsystems, as well as higher surveillance and unmanned air systems. Teledyne derived 52.4% of its total revenues from this segment in the quarter.
AXON’s Price Performance, Valuation and EstimatesShares of Axon have gained 14.8% in the past month compared with the industry’s growth of 2.3%.
Image Source: Zacks Investment Research
From a valuation standpoint, AXON is trading at a forward price-to-earnings ratio of 49.02X, above the industry’s average of 47.05X. Axon carries a Value Score of F.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for AXON’s 2026 earnings has decreased 0.4% over the past 60 days.
Image Source: Zacks Investment Research
The company currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Axon Enterprise (AXON - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.
Over the past month, shares of this maker of stun guns and body cameras have returned +18.8%, compared to the Zacks S&P 500 composite's -1.6% change. During this period, the Zacks Aerospace - Defense Equipment industry, which Axon falls in, has gained 2.2%. The key question now is: What could be the stock's future direction?
Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.
Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.
Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
For the current quarter, Axon is expected to post earnings of $1.91 per share, indicating a change of -9.9% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.
For the current fiscal year, the consensus earnings estimate of $8.09 points to a change of +18.1% from the prior year. Over the last 30 days, this estimate has remained unchanged.
For the next fiscal year, the consensus earnings estimate of $10.68 indicates a change of +32% from what Axon is expected to report a year ago. Over the past month, the estimate has remained unchanged.
Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Axon is rated Zacks Rank #1 (Strong Buy).
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Revenue Growth ForecastWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.
In the case of Axon, the consensus sales estimate of $868.35 million for the current quarter points to a year-over-year change of +29.9%. The $3.64 billion and $4.6 billion estimates for the current and next fiscal years indicate changes of +31% and +26.3%, respectively.
Last Reported Results and Surprise HistoryAxon reported revenues of $807.34 million in the last reported quarter, representing a year-over-year change of +33.7%. EPS of $1.61 for the same period compares with $1.41 a year ago.
Compared to the Zacks Consensus Estimate of $780.58 million, the reported revenues represent a surprise of +3.43%. The EPS surprise was -3.01%.
Over the last four quarters, Axon surpassed consensus EPS estimates two times. The company topped consensus revenue estimates each time over this period.
ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.
Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Axon is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Axon. However, its Zacks Rank #1 does suggest that it may outperform the broader market in the near term.
The Touchstone Mid Cap Growth Fund (Class A Shares, Load Waived) outperformed its benchmark, the Russell Midcap Growth Index, for the quarter ended March 31, 2026. Among the top contributors to relative performance during the quarter were Vertiv Holdings, Ascendis Pharma, Howmet Aerospace, Diamondback Energy, and Roblox Corp. The largest detractors from relative performance during the quarter were Atlassian Corp., DoorDash Inc., Ares Management, Axon Enterprise, and MongoDB.
NEW YORK, April 08, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP notifies stockholders of Mister Car Wash, Inc. (NASDAQ: MCW) that new details have emerged related to BFA Law’s ongoing investigation into the company’s board of directors and its controlling stockholder, LGP, for potential breaches of their fiduciary duties to shareholders in connection with the pending take-private sale of Mister Car Wash that is slated to cash out every public stockholder for $7 per share.
If you are a current shareholder of Mister Car Wash, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/mister-car-wash-investigation.
Why is Mister Car Wash being Investigated?
On February 18, 2026, Mister Car Wash announced that it had agreed to be acquired by Leonard Green & Partners, L.P. (“LGP”) for $7.00 per share. This price may represent an unfairly low price being paid to Mister Car Wash’s stockholders and may be the result of conflicts of interest between Mister Car Wash’s board of directors and LGP.
LGP is the largest owner of Mister Car Wash stock, owning over 66% of the company’s common stock. As Mister Car Wash noted in its most recent annual report (SEC form 10-k) “[f]or as long as LGP owns more than 50% of [Mister Car Wash’s] common stock it will be able to exert a controlling influence over all matters requiring stockholder approval, including the nomination and election of directors and approval of significant corporate transactions, such as a merger or other sale of our Company or its assets.” As the controlling stockholder of Mister Car Wash, LGP owes fiduciary duties to the public stockholders of Mister Car Wash.
LGP has already used its shares to give stockholder approval to the take-private sale, and the company does not plan to solicit any further votes from public stockholders. With the ability to approve the sale of Mister Car Wash to itself, needing only its own votes, LGP is incentivized to execute the deal as cheaply as possible.
BFA Law is conducting an ongoing investigation into Mister Car Wash’s board of directors and LGP to ascertain whether they have breached fiduciary duties to Mister Car Wash’s stockholders in connection with the contemplated transaction.
On April 3, 2026, Mister Car Wash filed new disclosures with the SEC on Schedule 13E-3. In that form, the company revealed the members of the special committee that negotiated the terms of the transaction on behalf of the company. BFA Law’s investigation has identified potential deficiencies in the independence of those special committee members. Mister Car Wash also revealed new details about the background of how the transaction was negotiated. BFA Law is continuing to investigate whether Mister Car Wash’s management conducted a sufficient sales process in light of this new information—including into whether the company ever genuinely considered alternative purchasers aside from LGP.
Click here for more information: https://www.bfalaw.com/cases/mister-car-wash-investigation
What Can You Do?
If you are a current holder of Mister Car Wash stock you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
NEW YORK, April 10, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP notifies stockholders of Mister Car Wash, Inc. (NASDAQ: MCW) that new details have emerged related to BFA Law’s ongoing investigation into the company’s board of directors and its controlling stockholder, LGP, for potential breaches of their fiduciary duties to shareholders in connection with the pending take-private sale of Mister Car Wash that is slated to cash out every public stockholder for $7 per share.
If you are a current shareholder of Mister Car Wash, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/mister-car-wash-investigation.
Why is Mister Car Wash being Investigated?
On February 18, 2026, Mister Car Wash announced that it had agreed to be acquired by Leonard Green & Partners, L.P. (“LGP”) for $7.00 per share. This price may represent an unfairly low price being paid to Mister Car Wash’s stockholders and may be the result of conflicts of interest between Mister Car Wash’s board of directors and LGP.
LGP is the largest owner of Mister Car Wash stock, owning over 66% of the company’s common stock. As Mister Car Wash noted in its most recent annual report (SEC form 10-k) “[f]or as long as LGP owns more than 50% of [Mister Car Wash’s] common stock it will be able to exert a controlling influence over all matters requiring stockholder approval, including the nomination and election of directors and approval of significant corporate transactions, such as a merger or other sale of our Company or its assets.” As the controlling stockholder of Mister Car Wash, LGP owes fiduciary duties to the public stockholders of Mister Car Wash.
LGP has already used its shares to give stockholder approval to the take-private sale, and the company does not plan to solicit any further votes from public stockholders. With the ability to approve the sale of Mister Car Wash to itself, needing only its own votes, LGP is incentivized to execute the deal as cheaply as possible.
BFA Law is conducting an ongoing investigation into Mister Car Wash’s board of directors and LGP to ascertain whether they have breached fiduciary duties to Mister Car Wash’s stockholders in connection with the contemplated transaction.
On April 3, 2026, Mister Car Wash filed new disclosures with the SEC on Schedule 13E-3. In that form, the company revealed the members of the special committee that negotiated the terms of the transaction on behalf of the company. BFA Law’s investigation has identified potential deficiencies in the independence of those special committee members. Mister Car Wash also revealed new details about the background of how the transaction was negotiated. BFA Law is continuing to investigate whether Mister Car Wash’s management conducted a sufficient sales process in light of this new information—including into whether the company ever genuinely considered alternative purchasers aside from LGP.
Click here for more information: https://www.bfalaw.com/cases/mister-car-wash-investigation
What Can You Do?
If you are a current holder of Mister Car Wash stock you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
NEW YORK, April 13, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP notifies stockholders of Mister Car Wash, Inc. (NASDAQ: MCW) that new details have emerged related to BFA Law’s ongoing investigation into the company’s board of directors and its controlling stockholder, LGP, for potential breaches of their fiduciary duties to shareholders in connection with the pending take-private sale of Mister Car Wash that is slated to cash out every public stockholder for $7 per share.
If you are a current shareholder of Mister Car Wash, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/mister-car-wash-investigation.
Why is Mister Car Wash being Investigated?
On February 18, 2026, Mister Car Wash announced that it had agreed to be acquired by Leonard Green & Partners, L.P. (“LGP”) for $7.00 per share. This price may represent an unfairly low price being paid to Mister Car Wash’s stockholders and may be the result of conflicts of interest between Mister Car Wash’s board of directors and LGP.
LGP is the largest owner of Mister Car Wash stock, owning over 66% of the company’s common stock. As Mister Car Wash noted in its most recent annual report (SEC form 10-k) “[f]or as long as LGP owns more than 50% of [Mister Car Wash’s] common stock it will be able to exert a controlling influence over all matters requiring stockholder approval, including the nomination and election of directors and approval of significant corporate transactions, such as a merger or other sale of our Company or its assets.” As the controlling stockholder of Mister Car Wash, LGP owes fiduciary duties to the public stockholders of Mister Car Wash.
LGP has already used its shares to give stockholder approval to the take-private sale, and the company does not plan to solicit any further votes from public stockholders. With the ability to approve the sale of Mister Car Wash to itself, needing only its own votes, LGP is incentivized to execute the deal as cheaply as possible.
BFA Law is conducting an ongoing investigation into Mister Car Wash’s board of directors and LGP to ascertain whether they have breached fiduciary duties to Mister Car Wash’s stockholders in connection with the contemplated transaction.
On April 3, 2026, Mister Car Wash filed new disclosures with the SEC on Schedule 13E-3. In that form, the company revealed the members of the special committee that negotiated the terms of the transaction on behalf of the company. BFA Law’s investigation has identified potential deficiencies in the independence of those special committee members. Mister Car Wash also revealed new details about the background of how the transaction was negotiated. BFA Law is continuing to investigate whether Mister Car Wash’s management conducted a sufficient sales process in light of this new information—including into whether the company ever genuinely considered alternative purchasers aside from LGP.
Click here for more information: https://www.bfalaw.com/cases/mister-car-wash-investigation
What Can You Do?
If you are a current holder of Mister Car Wash stock you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
Freestone Capital Holdings LLC acquired a new stake in Mister Car Wash, Inc. (NYSE:MCW – Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 324,472 shares of the company’s stock, valued at approximately $1,804,000. Freestone Capital Holdings LLC owned 0.10% of Mister Car Wash at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the company. Pallas Capital Advisors LLC acquired a new stake in shares of Mister Car Wash in the fourth quarter worth approximately $81,000. SG Americas Securities LLC lifted its stake in shares of Mister Car Wash by 8.0% in the 4th quarter. SG Americas Securities LLC now owns 46,613 shares of the company’s stock valued at $259,000 after purchasing an additional 3,438 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Mister Car Wash by 249.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 54,165 shares of the company’s stock valued at $318,000 after purchasing an additional 38,660 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Mister Car Wash by 65.4% in the 4th quarter. GAMMA Investing LLC now owns 11,156 shares of the company’s stock valued at $62,000 after buying an additional 4,412 shares during the period. Finally, Tudor Investment Corp ET AL raised its holdings in shares of Mister Car Wash by 24.2% in the 3rd quarter. Tudor Investment Corp ET AL now owns 1,209,493 shares of the company’s stock valued at $6,447,000 after buying an additional 235,817 shares during the period.
Analysts Set New Price Targets Several equities research analysts recently issued reports on MCW shares. Mizuho reiterated a “neutral” rating and issued a $7.00 price objective (down from $8.00) on shares of Mister Car Wash in a report on Wednesday, February 18th. Raymond James Financial downgraded Mister Car Wash from a “moderate buy” rating to a “hold” rating in a report on Friday, February 20th. Morgan Stanley set a $7.00 price objective on Mister Car Wash in a report on Thursday, February 19th. William Blair downgraded Mister Car Wash from an “outperform” rating to a “market perform” rating in a research note on Wednesday, February 18th. Finally, Wells Fargo & Company cut Mister Car Wash from an “overweight” rating to an “equal weight” rating and set a $7.00 price objective for the company. in a research report on Wednesday, February 18th. One investment analyst has rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $7.10.
Read Our Latest Stock Analysis on MCW
Mister Car Wash Stock Up 0.1% MCW opened at $7.00 on Wednesday. The business has a 50 day simple moving average of $6.80 and a 200-day simple moving average of $5.90. The stock has a market capitalization of $2.30 billion, a P/E ratio of 31.82, a P/E/G ratio of 1.65 and a beta of 1.37. Mister Car Wash, Inc. has a 12 month low of $4.61 and a 12 month high of $7.98. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.53 and a quick ratio of 0.24.
Mister Car Wash (NYSE:MCW – Get Free Report) last issued its quarterly earnings data on Wednesday, February 18th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.01. The firm had revenue of $261.24 million during the quarter, compared to analysts’ expectations of $262.35 million. Mister Car Wash had a return on equity of 10.49% and a net margin of 7.06%.Mister Car Wash’s revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.09 earnings per share. On average, equities analysts anticipate that Mister Car Wash, Inc. will post 0.33 earnings per share for the current fiscal year.
About Mister Car Wash (Free Report)
Mister Car Wash, traded on the NYSE under the ticker MCW, is a leading provider of vehicle cleaning services in the United States. The company specializes in a tiered range of wash offerings, including express exterior washes, full-service interior and exterior cleaning, and premium detailing services. In addition to one-time washes, Mister Car Wash markets unlimited monthly membership plans that grant customers access to recurring washes at participating locations.
Founded in 1969 and headquartered in Houston, Texas, Mister Car Wash has grown from a single facility to one of the largest car wash chains in the country.
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NEW YORK, April 15, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP notifies stockholders of Mister Car Wash, Inc. (NASDAQ: MCW) that new details have emerged related to BFA Law’s ongoing investigation into the company’s board of directors and its controlling stockholder, LGP, for potential breaches of their fiduciary duties to shareholders in connection with the pending take-private sale of Mister Car Wash that is slated to cash out every public stockholder for $7 per share.
If you are a current shareholder of Mister Car Wash, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/mister-car-wash-investigation.
Why is Mister Car Wash being Investigated?
On February 18, 2026, Mister Car Wash announced that it had agreed to be acquired by Leonard Green & Partners, L.P. (“LGP”) for $7.00 per share. This price may represent an unfairly low price being paid to Mister Car Wash’s stockholders and may be the result of conflicts of interest between Mister Car Wash’s board of directors and LGP.
LGP is the largest owner of Mister Car Wash stock, owning over 66% of the company’s common stock. As Mister Car Wash noted in its most recent annual report (SEC form 10-k) “[f]or as long as LGP owns more than 50% of [Mister Car Wash’s] common stock it will be able to exert a controlling influence over all matters requiring stockholder approval, including the nomination and election of directors and approval of significant corporate transactions, such as a merger or other sale of our Company or its assets.” As the controlling stockholder of Mister Car Wash, LGP owes fiduciary duties to the public stockholders of Mister Car Wash.
LGP has already used its shares to give stockholder approval to the take-private sale, and the company does not plan to solicit any further votes from public stockholders. With the ability to approve the sale of Mister Car Wash to itself, needing only its own votes, LGP is incentivized to execute the deal as cheaply as possible.
BFA Law is conducting an ongoing investigation into Mister Car Wash’s board of directors and LGP to ascertain whether they have breached fiduciary duties to Mister Car Wash’s stockholders in connection with the contemplated transaction.
On April 3, 2026, Mister Car Wash filed new disclosures with the SEC on Schedule 13E-3. In that form, the company revealed the members of the special committee that negotiated the terms of the transaction on behalf of the company. BFA Law’s investigation has identified potential deficiencies in the independence of those special committee members. Mister Car Wash also revealed new details about the background of how the transaction was negotiated. BFA Law is continuing to investigate whether Mister Car Wash’s management conducted a sufficient sales process in light of this new information—including into whether the company ever genuinely considered alternative purchasers aside from LGP.
Click here for more information: https://www.bfalaw.com/cases/mister-car-wash-investigation
What Can You Do?
If you are a current holder of Mister Car Wash stock you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
NEW YORK, April 15, 2026 (GLOBE NEWSWIRE) -- Wolf Popper LLP is investigating claims on behalf of investors in Mister Car Wash, Inc. (NASDAQ: MCW) concerning the offer to acquire Mister Car Wash by its controlling shareholder, Leonard Green & Partners, L.P. (LGP). Under the terms of the acquisition, Mister Car Wash shareholders will receive $7.00 per share in cash.
LGP is Mister Car Wash’s controlling shareholder and holds 67% of Mister Car Wash’s shares. Importantly, the transaction is not conditioned on approval by a majority of Mister Car Wash’s minority stockholders. As a result, the deal will not be subject to a public stockholder vote.
In addition, the $7.00 per share deal price was below Mister Car Wash’s 52-week high stock price of $8.60 per share, and below the average and high Street price targets of $7.04 and $11.00 per share, respectively.
Wolf Popper is investigating claims on behalf of investors in Mister Car Wash concerning the proposed transaction. Investors seeking more information about the transaction or Wolf Popper’s investigation can contact Carl Stine at (212) 451-9631 or [email protected].
Wolf Popper has extensive experience representing investors in mergers and acquisition investigations and lawsuits. Wolf Popper was recently awarded one of Chambers and Partners’ USA Spotlight Guide top rankings for the third consecutive year. Eleven Wolf Popper attorneys were named Super Lawyers or Rising Stars in the 2025 Super Lawyers New York City Metro Edition. Wolf Popper recently had nine attorneys named to the 2026 Lawdragon 500 Leading Plaintiff Financial Lawyers, including Carl Stine for his work in M&A Litigation. View Wolf Popper attorney biographies at www.wolfpopper.com.
Attorney Advertising: Prior Results Do Not Guarantee a Similar Outcome.
Wolf Popper LLP
570 Lexington Avenue
New York, NY 10022
Telephone: (212) 451-9631
NEW YORK, April 17, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP notifies stockholders of Mister Car Wash, Inc. (NASDAQ: MCW) that new details have emerged related to BFA Law’s ongoing investigation into the company’s board of directors and its controlling stockholder, LGP, for potential breaches of their fiduciary duties to shareholders in connection with the pending take-private sale of Mister Car Wash that is slated to cash out every public stockholder for $7 per share.
If you are a current shareholder of Mister Car Wash, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/mister-car-wash-investigation.
Why is Mister Car Wash being Investigated?
On February 18, 2026, Mister Car Wash announced that it had agreed to be acquired by Leonard Green & Partners, L.P. (“LGP”) for $7.00 per share. This price may represent an unfairly low price being paid to Mister Car Wash’s stockholders and may be the result of conflicts of interest between Mister Car Wash’s board of directors and LGP.
LGP is the largest owner of Mister Car Wash stock, owning over 66% of the company’s common stock. As Mister Car Wash noted in its most recent annual report (SEC form 10-k) “[f]or as long as LGP owns more than 50% of [Mister Car Wash’s] common stock it will be able to exert a controlling influence over all matters requiring stockholder approval, including the nomination and election of directors and approval of significant corporate transactions, such as a merger or other sale of our Company or its assets.” As the controlling stockholder of Mister Car Wash, LGP owes fiduciary duties to the public stockholders of Mister Car Wash.
LGP has already used its shares to give stockholder approval to the take-private sale, and the company does not plan to solicit any further votes from public stockholders. With the ability to approve the sale of Mister Car Wash to itself, needing only its own votes, LGP is incentivized to execute the deal as cheaply as possible.
BFA Law is conducting an ongoing investigation into Mister Car Wash’s board of directors and LGP to ascertain whether they have breached fiduciary duties to Mister Car Wash’s stockholders in connection with the contemplated transaction.
On April 3, 2026, Mister Car Wash filed new disclosures with the SEC on Schedule 13E-3. In that form, the company revealed the members of the special committee that negotiated the terms of the transaction on behalf of the company. BFA Law’s investigation has identified potential deficiencies in the independence of those special committee members. Mister Car Wash also revealed new details about the background of how the transaction was negotiated. BFA Law is continuing to investigate whether Mister Car Wash’s management conducted a sufficient sales process in light of this new information—including into whether the company ever genuinely considered alternative purchasers aside from LGP.
Click here for more information: https://www.bfalaw.com/cases/mister-car-wash-investigation
What Can You Do?
If you are a current holder of Mister Car Wash stock you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
NEW YORK, April 20, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP notifies stockholders of Mister Car Wash, Inc. (NASDAQ: MCW) that new details have emerged related to BFA Law’s ongoing investigation into the company’s board of directors and its controlling stockholder, LGP, for potential breaches of their fiduciary duties to shareholders in connection with the pending take-private sale of Mister Car Wash that is slated to cash out every public stockholder for $7 per share.
If you are a current shareholder of Mister Car Wash, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/mister-car-wash-investigation.
Why is Mister Car Wash being Investigated?
On February 18, 2026, Mister Car Wash announced that it had agreed to be acquired by Leonard Green & Partners, L.P. (“LGP”) for $7.00 per share. This price may represent an unfairly low price being paid to Mister Car Wash’s stockholders and may be the result of conflicts of interest between Mister Car Wash’s board of directors and LGP.
LGP is the largest owner of Mister Car Wash stock, owning over 66% of the company’s common stock. As Mister Car Wash noted in its most recent annual report (SEC form 10-k) “[f]or as long as LGP owns more than 50% of [Mister Car Wash’s] common stock it will be able to exert a controlling influence over all matters requiring stockholder approval, including the nomination and election of directors and approval of significant corporate transactions, such as a merger or other sale of our Company or its assets.” As the controlling stockholder of Mister Car Wash, LGP owes fiduciary duties to the public stockholders of Mister Car Wash.
LGP has already used its shares to give stockholder approval to the take-private sale, and the company does not plan to solicit any further votes from public stockholders. With the ability to approve the sale of Mister Car Wash to itself, needing only its own votes, LGP is incentivized to execute the deal as cheaply as possible.
BFA Law is conducting an ongoing investigation into Mister Car Wash’s board of directors and LGP to ascertain whether they have breached fiduciary duties to Mister Car Wash’s stockholders in connection with the contemplated transaction.
On April 3, 2026, Mister Car Wash filed new disclosures with the SEC on Schedule 13E-3. In that form, the company revealed the members of the special committee that negotiated the terms of the transaction on behalf of the company. BFA Law’s investigation has identified potential deficiencies in the independence of those special committee members. Mister Car Wash also revealed new details about the background of how the transaction was negotiated. BFA Law is continuing to investigate whether Mister Car Wash’s management conducted a sufficient sales process in light of this new information—including into whether the company ever genuinely considered alternative purchasers aside from LGP.
Click here for more information: https://www.bfalaw.com/cases/mister-car-wash-investigation
What Can You Do?
If you are a current holder of Mister Car Wash stock you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
NEW YORK, April 22, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP notifies stockholders of Mister Car Wash, Inc. (NASDAQ: MCW) that new details have emerged related to BFA Law’s ongoing investigation into the company’s board of directors and its controlling stockholder, LGP, for potential breaches of their fiduciary duties to shareholders in connection with the pending take-private sale of Mister Car Wash that is slated to cash out every public stockholder for $7 per share.
If you are a current shareholder of Mister Car Wash, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/mister-car-wash-investigation.
Why is Mister Car Wash being Investigated?
On February 18, 2026, Mister Car Wash announced that it had agreed to be acquired by Leonard Green & Partners, L.P. (“LGP”) for $7.00 per share. This price may represent an unfairly low price being paid to Mister Car Wash’s stockholders and may be the result of conflicts of interest between Mister Car Wash’s board of directors and LGP.
LGP is the largest owner of Mister Car Wash stock, owning over 66% of the company’s common stock. As Mister Car Wash noted in its most recent annual report (SEC form 10-k) “[f]or as long as LGP owns more than 50% of [Mister Car Wash’s] common stock it will be able to exert a controlling influence over all matters requiring stockholder approval, including the nomination and election of directors and approval of significant corporate transactions, such as a merger or other sale of our Company or its assets.” As the controlling stockholder of Mister Car Wash, LGP owes fiduciary duties to the public stockholders of Mister Car Wash.
LGP has already used its shares to give stockholder approval to the take-private sale, and the company does not plan to solicit any further votes from public stockholders. With the ability to approve the sale of Mister Car Wash to itself, needing only its own votes, LGP is incentivized to execute the deal as cheaply as possible.
BFA Law is conducting an ongoing investigation into Mister Car Wash’s board of directors and LGP to ascertain whether they have breached fiduciary duties to Mister Car Wash’s stockholders in connection with the contemplated transaction.
On April 3, 2026, Mister Car Wash filed new disclosures with the SEC on Schedule 13E-3. In that form, the company revealed the members of the special committee that negotiated the terms of the transaction on behalf of the company. BFA Law’s investigation has identified potential deficiencies in the independence of those special committee members. Mister Car Wash also revealed new details about the background of how the transaction was negotiated. BFA Law is continuing to investigate whether Mister Car Wash’s management conducted a sufficient sales process in light of this new information—including into whether the company ever genuinely considered alternative purchasers aside from LGP.
Click here for more information: https://www.bfalaw.com/cases/mister-car-wash-investigation
What Can You Do?
If you are a current holder of Mister Car Wash stock you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
NEW YORK, April 24, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP notifies stockholders of Mister Car Wash, Inc. (NASDAQ: MCW) that new details have emerged related to BFA Law’s ongoing investigation into the company’s board of directors and its controlling stockholder, LGP, for potential breaches of their fiduciary duties to shareholders in connection with the pending take-private sale of Mister Car Wash that is slated to cash out every public stockholder for $7 per share.
If you are a current shareholder of Mister Car Wash, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/mister-car-wash-investigation.
Why is Mister Car Wash being Investigated?
On February 18, 2026, Mister Car Wash announced that it had agreed to be acquired by Leonard Green & Partners, L.P. (“LGP”) for $7.00 per share. This price may represent an unfairly low price being paid to Mister Car Wash’s stockholders and may be the result of conflicts of interest between Mister Car Wash’s board of directors and LGP.
LGP is the largest owner of Mister Car Wash stock, owning over 66% of the company’s common stock. As Mister Car Wash noted in its most recent annual report (SEC form 10-k) “[f]or as long as LGP owns more than 50% of [Mister Car Wash’s] common stock it will be able to exert a controlling influence over all matters requiring stockholder approval, including the nomination and election of directors and approval of significant corporate transactions, such as a merger or other sale of our Company or its assets.” As the controlling stockholder of Mister Car Wash, LGP owes fiduciary duties to the public stockholders of Mister Car Wash.
LGP has already used its shares to give stockholder approval to the take-private sale, and the company does not plan to solicit any further votes from public stockholders. With the ability to approve the sale of Mister Car Wash to itself, needing only its own votes, LGP is incentivized to execute the deal as cheaply as possible.
BFA Law is conducting an ongoing investigation into Mister Car Wash’s board of directors and LGP to ascertain whether they have breached fiduciary duties to Mister Car Wash’s stockholders in connection with the contemplated transaction.
On April 3, 2026, Mister Car Wash filed new disclosures with the SEC on Schedule 13E-3. In that form, the company revealed the members of the special committee that negotiated the terms of the transaction on behalf of the company. BFA Law’s investigation has identified potential deficiencies in the independence of those special committee members. Mister Car Wash also revealed new details about the background of how the transaction was negotiated. BFA Law is continuing to investigate whether Mister Car Wash’s management conducted a sufficient sales process in light of this new information—including into whether the company ever genuinely considered alternative purchasers aside from LGP.
Click here for more information: https://www.bfalaw.com/cases/mister-car-wash-investigation
What Can You Do?
If you are a current holder of Mister Car Wash stock you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
NEW YORK, April 27, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP notifies stockholders of Mister Car Wash, Inc. (NASDAQ: MCW) that new details have emerged related to BFA Law’s ongoing investigation into the company’s board of directors and its controlling stockholder, LGP, for potential breaches of their fiduciary duties to shareholders in connection with the pending take-private sale of Mister Car Wash that is slated to cash out every public stockholder for $7 per share.
If you are a current shareholder of Mister Car Wash, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/mister-car-wash-investigation.
Why is Mister Car Wash being Investigated?
On February 18, 2026, Mister Car Wash announced that it had agreed to be acquired by Leonard Green & Partners, L.P. (“LGP”) for $7.00 per share. This price may represent an unfairly low price being paid to Mister Car Wash’s stockholders and may be the result of conflicts of interest between Mister Car Wash’s board of directors and LGP.
LGP is the largest owner of Mister Car Wash stock, owning over 66% of the company’s common stock. As Mister Car Wash noted in its most recent annual report (SEC form 10-k) “[f]or as long as LGP owns more than 50% of [Mister Car Wash’s] common stock it will be able to exert a controlling influence over all matters requiring stockholder approval, including the nomination and election of directors and approval of significant corporate transactions, such as a merger or other sale of our Company or its assets.” As the controlling stockholder of Mister Car Wash, LGP owes fiduciary duties to the public stockholders of Mister Car Wash.
LGP has already used its shares to give stockholder approval to the take-private sale, and the company does not plan to solicit any further votes from public stockholders. With the ability to approve the sale of Mister Car Wash to itself, needing only its own votes, LGP is incentivized to execute the deal as cheaply as possible.
BFA Law is conducting an ongoing investigation into Mister Car Wash’s board of directors and LGP to ascertain whether they have breached fiduciary duties to Mister Car Wash’s stockholders in connection with the contemplated transaction.
On April 3, 2026, Mister Car Wash filed new disclosures with the SEC on Schedule 13E-3. In that form, the company revealed the members of the special committee that negotiated the terms of the transaction on behalf of the company. BFA Law’s investigation has identified potential deficiencies in the independence of those special committee members. Mister Car Wash also revealed new details about the background of how the transaction was negotiated. BFA Law is continuing to investigate whether Mister Car Wash’s management conducted a sufficient sales process in light of this new information—including into whether the company ever genuinely considered alternative purchasers aside from LGP.
Click here for more information: https://www.bfalaw.com/cases/mister-car-wash-investigation
What Can You Do?
If you are a current holder of Mister Car Wash stock you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
NEW YORK, April 28, 2026 (GLOBE NEWSWIRE) -- Julie & Holleman LLP, a preeminent shareholder rights firm, is investigating the proposed $7 per share buyout of Mister Car Wash, Inc. (NASDAQ: MCW) by the company’s largest shareholder, private equity firm Leonard Green & Partners. The deal, which does not require public shareholder approval, is expected to close soon.
For a free consultation, please visit https://julieholleman.com/mister-car-wash-inc/. You may also contact partner Scott Holleman at (929) 415-1020 or by email at [email protected].
Before the merger was announced, Leonard Green already owned approximately two-thirds of Mister Car Wash’s stock. Pursuant to the deal, Leonard Green proposes will buy the remaining outstanding shares for just $7 per share, which implies a total value for the company of approximately $3.1 billion.
Julie & Holleman, whose attorneys have helped secure hundreds of millions of dollars in prior cases, is pursuing potential legal claims based on the apparent unfairness of the deal. The firm is concerned about conflicts arising from the fact that key insiders are continuing on with the company while public stockholders are being cashed out for a price that may be well below the company’s true value. Julie & Holleman is also concerned by the fact that Mister Car Wash’s board of directors is not submitting the deal for public shareholder approval. Instead, Leonard Green has approved the deal on its own, without a public shareholder vote.
Please visit https://julieholleman.com/mister-car-wash-inc/, or contact partner Scott Holleman at (929) 415-1020 or [email protected] for more information.
FIRM INFORMATION
Julie & Holleman is a boutique law firm that focuses on shareholder litigation, including derivative actions, mergers and acquisitions cases, securities fraud class actions, and corporate investigations. The firm’s attorneys litigate in state and federal courts across the nation and have helped secure hundreds of millions of dollars for aggrieved companies and their shareholders. For more information about the firm, please visit www.julieholleman.com. This notice may constitute attorney advertising.
Julie & Holleman LLP
W. Scott Holleman, Esq.
157 East 86th Street
4th Floor
New York, NY 10028
(929) 415-1020
www.julieholleman.com
NEW YORK, April 29, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP notifies stockholders of Mister Car Wash, Inc. (NASDAQ: MCW) that new details have emerged related to BFA Law’s ongoing investigation into the company’s board of directors and its controlling stockholder, LGP, for potential breaches of their fiduciary duties to shareholders in connection with the pending take-private sale of Mister Car Wash that is slated to cash out every public stockholder for $7 per share.
If you are a current shareholder of Mister Car Wash, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/mister-car-wash-investigation.
Why is Mister Car Wash being Investigated?
On February 18, 2026, Mister Car Wash announced that it had agreed to be acquired by Leonard Green & Partners, L.P. (“LGP”) for $7.00 per share. This price may represent an unfairly low price being paid to Mister Car Wash’s stockholders and may be the result of conflicts of interest between Mister Car Wash’s board of directors and LGP.
LGP is the largest owner of Mister Car Wash stock, owning over 66% of the company’s common stock. As Mister Car Wash noted in its most recent annual report (SEC form 10-k) “[f]or as long as LGP owns more than 50% of [Mister Car Wash’s] common stock it will be able to exert a controlling influence over all matters requiring stockholder approval, including the nomination and election of directors and approval of significant corporate transactions, such as a merger or other sale of our Company or its assets.” As the controlling stockholder of Mister Car Wash, LGP owes fiduciary duties to the public stockholders of Mister Car Wash.
LGP has already used its shares to give stockholder approval to the take-private sale, and the company does not plan to solicit any further votes from public stockholders. With the ability to approve the sale of Mister Car Wash to itself, needing only its own votes, LGP is incentivized to execute the deal as cheaply as possible.
BFA Law is conducting an ongoing investigation into Mister Car Wash’s board of directors and LGP to ascertain whether they have breached fiduciary duties to Mister Car Wash’s stockholders in connection with the contemplated transaction.
On April 3, 2026, Mister Car Wash filed new disclosures with the SEC on Schedule 13E-3. In that form, the company revealed the members of the special committee that negotiated the terms of the transaction on behalf of the company. BFA Law’s investigation has identified potential deficiencies in the independence of those special committee members. Mister Car Wash also revealed new details about the background of how the transaction was negotiated. BFA Law is continuing to investigate whether Mister Car Wash’s management conducted a sufficient sales process in light of this new information—including into whether the company ever genuinely considered alternative purchasers aside from LGP.
Click here for more information: https://www.bfalaw.com/cases/mister-car-wash-investigation
What Can You Do?
If you are a current holder of Mister Car Wash stock you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
Net revenues increased 6%
Comparable-store sales increased 3.9%
Unlimited Wash Club® (“UWC”) memberships increased 11%
Opened 2 new greenfield locations
TUCSON, Ariz., April 29, 2026 (GLOBE NEWSWIRE) -- Mister Car Wash, Inc. (the “Company”) (Nasdaq: MCW), the nation’s leading car wash brand, today announced its financial results for the quarter ended March 31, 2026.
First Quarter 2026 Highlights:
Net revenues increased 6% to $277.9 million, up from $261.7 million in the first quarter of 2025.Comparable-store sales increased 3.9% during the quarter.UWC sales represented 76% of total wash sales compared to 73% in the first quarter of 2025.Ended the quarter with approximately 2.5 million UWC members, representing a year-over-year increase of 241 thousand members or 11%.Opened 2 new greenfield locations, bringing the total net number of car wash locations operated to 549 as of March 31, 2026, an increase of 6% compared to 518 car wash locations as of March 31, 2025.Net income increased 26.7% to $34.2 million from $27.0 and net income per diluted share increased 25.5% to $0.10 from $0.08.Adjusted net income(1) and adjusted net income per diluted share(1) were $44.3 million and $0.13, respectively.Adjusted EBITDA(1) increased 13% to $96.7 million from $85.6 million in the first quarter of 2025.
(1) Adjusted net income, adjusted EBITDA and adjusted net income per diluted share are non-GAAP financial measures. See Use of Non-GAAP Financial Measures and GAAP to Non-GAAP Reconciliations disclosures included below in this press release.
Location Count
Three Months Ended March 31, 2026 2025 Beginning location count 548 514 Greenfield locations opened 2 4 Closures (1) — Ending location count 549 518
Balance Sheet and Cash Flow Highlights:
As of March 31, 2026, cash and cash equivalents totaled $54.6 million, compared to $28.5 million as of December 31, 2025. There were no borrowings under the Company’s Revolving Commitment as of March 31, 2026 and December 31, 2025.Net cash provided by operating activities totaled $79.7 million compared to $87.6 million for the three months ended March 31, 2026 and 2025, respectively.Free cash flow(2) totaled $33.0 million compared to $32.5 million for the three months ended March 31, 2026 and 2025, respectively.Free cash flow excluding growth capital expenditures(2) totaled $74.1 million compared to $77.1 million for the three months ended March 31, 2026 and 2025, respectively. (2) Free cash flow and free cash flow excluding growth capital expenditures are non-GAAP financial measures. See Use of Non-GAAP Financial Measures and GAAP to Non-GAAP Reconciliations disclosures included below in this press release.
Sale-Leasebacks and Rent Expense:
In the first quarter of 2026, the Company had no sale-leaseback transactions.With 493 car wash leases as of March 31, 2026, versus 474 car wash leases as of March 31, 2025, rent expense increased 7% to $31.8 million, compared to the first quarter of 2025. Conference Call Details
In light of the separately announced transaction with Leonard Green & Partners, the Company will not be hosting an earnings conference call to discuss the Company’s financial results for the first quarter of fiscal 2026.
About Mister Car Wash® | Inspiring People to Shine®
Headquartered in Tucson, Arizona, Mister Car Wash, Inc. (Nasdaq: MCW) operates approximately 550 locations and has the largest car wash subscription program in North America. With a passionate team of professionals, advanced technology, and a commitment to exceptional customer experiences, Mister Car Wash is dedicated to providing a clean, shiny, and dry vehicle every time. The Mister brand is deeply rooted in delivering quality service, fostering friendliness, and demonstrating a genuine commitment to the communities it serves while prioritizing responsible environmental practices and resource management. To learn more, visit www.mistercarwash.com.
Use of Non-GAAP Financial Measures
This press release includes references to non-GAAP financial measures, including adjusted EBITDA, adjusted net income, adjusted net income per diluted share, free cash flow, and free cash flow excluding growth capital expenditures (the “Company’s Non-GAAP Financial Measures”). These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from similarly titled non-GAAP financial measures used by other companies. In addition, the Company’s Non-GAAP Financial Measures should be read in conjunction with the Company’s financial statements prepared in accordance with GAAP. The reconciliations of the Company’s Non-GAAP Financial Measures to the corresponding GAAP measures should be carefully evaluated.
Adjusted EBITDA is defined as net income before interest expense, net, income tax provision, depreciation and amortization expense, (gain) loss on sale of assets, net, stock-based compensation expense and related taxes, acquisition expenses, non-cash rent expense, debt refinancing costs, and other nonrecurring charges.
Adjusted net income is defined as net income before (gain) loss on sale of assets, net, stock-based compensation expense, acquisition expenses, debt refinancing costs, other nonrecurring charges, income tax impact of stock award exercises and the tax impact of adjustments to net income. Adjusted net income per share is defined as basic net income per share before (gain) loss on sale of assets, net, stock-based compensation expense and related taxes, acquisition expenses, loss on extinguishment of debt, other nonrecurring charges, income tax impact of stock award exercises and the tax impact of adjustments to basic net income per share. Adjusted net income per diluted share is defined as diluted net income per share before (gain) loss on sale of assets, net, stock-based compensation expense, acquisition expenses, debt refinancing costs, other nonrecurring charges, income tax impact of stock award exercises and the tax impact of adjustments to basic net income per share.
Free cash flow is defined as net cash provided by operating activities less purchases of property and equipment in a period. Free cash flow excluding growth capital expenditures is defined as operating cash flows less purchases of maintenance property and equipment. Free cash flow includes the impact of capital expenditures, providing a supplemental view of cash generation. Free cash flow excluding growth capital expenditures includes purchases of maintenance property and equipment, which are uses of cash that are necessary to maintain the Company's existing business operations, including its washes and support functions. Free cash flow excluding growth capital expenditures provides a supplemental view of cash flow generation before investments in growth capital, which expand future business operations, including the opening or improvement of washes and service capabilities. Free cash flow and free cash flow excluding growth capital expenditures have certain limitations, including that they do not reflect adjustments for certain non-discretionary cash expenditures, such as debt repayments or payments made for business acquisitions.
Management believes the Company’s Non-GAAP Financial Measures assist investors and analysts in comparing the Company’s operating performance across reporting periods on a consistent basis by excluding items that management does not believe are indicative of the Company’s ongoing operating performance. Investors are encouraged to evaluate these adjustments and the reasons the Company considers them appropriate for supplemental analysis. In evaluating the Company’s Non-GAAP Financial Measures, investors should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in the Company’s presentation of the Company’s Non-GAAP Financial Measures. There can be no assurance that the Company will not modify the presentation of the Company’s Non-GAAP Financial Measures in future periods, and any such modification may be material.
Management believes that the Company’s Non-GAAP Financial Measures are helpful in highlighting trends in the Company’s core operating performance compared to other measures, which can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which the Company operates, and capital investments. Management also uses adjusted EBITDA in connection with establishing discretionary annual incentive compensation; to supplement U.S. GAAP measures of performance in the evaluation of the effectiveness of the Company’s business strategies; to make budgeting decisions, and because the Company’s credit agreement uses measures similar to adjusted EBITDA to measure the Company’s compliance with certain covenants.
The Company’s Non-GAAP Financial Measures have limitations as analytical tools, and investors should not consider these measures in isolation or as substitutes for analysis of the Company’s results as reported under U.S. GAAP. Some of these limitations include, for example, adjusted EBITDA does not reflect: the Company’s cash expenditure or future requirements for capital expenditures or contractual commitments; the Company’s cash requirements for the Company’s working capital needs; the interest expense and the cash requirements necessary to service interest or principal payments on the Company’s debt, cash requirements for replacement of assets that are being depreciated and amortized, and the impact of certain cash charges or cash receipts resulting from matters management does not find indicative of the Company’s ongoing operations. Free cash flow and discretionary free cash flow also have certain limitations, including that they do not reflect adjustments for certain non-discretionary cash expenditures, such as mandatory debt repayments or payments made for business acquisitions.
Consolidated Statements of Operations and Comprehensive Income
(Amounts in thousands, except share and per share data)
(Unaudited)
Three Months Ended March 31, 2026 2025 Net revenues$277,913 $261,656 Costs and expenses Cost of labor and chemicals 76,702 74,252 Other store operating expenses 113,319 109,667 General and administrative 28,756 24,659 Loss on sale of assets, net 125 111 Total costs and expenses 218,902 208,689 Operating income 59,011 52,967 Other expense Interest expense, net 12,283 16,023 Total other expense 12,283 16,023 Income before taxes 46,728 36,944 Income tax provision 12,546 9,944 Net income$34,182 $27,000 Other comprehensive income, net of tax Gain on interest rate swap 785 — Total comprehensive income$34,967 $27,000 Earnings per share Basic$0.10 $0.08 Diluted$0.10 $0.08 Weighted-average common shares outstanding Basic 328,477,910 324,200,282 Diluted 334,309,927 331,479,048 Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)
Three Months Ended March 31, 2026 2025 Cash flows from operating activities Net income$34,182 $27,000 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization expense 23,434 20,917 Stock-based compensation expense 6,838 6,843 Loss on sale of assets, net 125 111 Amortization of deferred debt issuance costs 262 285 Non-cash lease expense 14,652 13,535 Deferred income tax 10,978 7,484 Changes in assets and liabilities Accounts receivable, net (211) 354 Other receivables (2,069) 1,965 Inventory, net 430 490 Prepaid expenses and other current assets (315) 2,356 Accounts payable (2,002) 5,677 Accrued expenses 4,069 10,480 Deferred revenue 1,821 1,266 Operating lease liability (12,791) (11,604)Other noncurrent assets and liabilities 257 391 Net cash provided by operating activities$79,660 $87,550 Cash flows from investing activities Purchases of property and equipment (46,686) (55,081)Proceeds from sale of property and equipment 187 120 Net cash used in investing activities$(46,499) $(54,961) Cash flows from financing activities Proceeds from issuance of common stock under employee plans 372 1,587 Payments on debt borrowings (7,000) (62,307)Principal payments on finance lease obligations (212) (193)Net cash used in financing activities$(6,840) $(60,913) Net change in cash and cash equivalents, and restricted cash during period 26,321 (28,324)Cash and cash equivalents, and restricted cash at beginning of period 28,511 67,612 Cash and cash equivalents, and restricted cash at end of period$54,832 $39,288 Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets Cash and cash equivalents 54,627 39,133 Restricted cash, included in prepaid expenses and other current assets 205 155 Total cash, cash equivalents, and restricted cash$54,832 $39,288 Supplemental disclosure of cash flow information Cash paid for interest$12,327 $7,032 Cash paid for income taxes$40 $60 Supplemental disclosure of non-cash investing and financing activities Property and equipment in accounts payable$5,833 $11,416 Property and equipment accrued in other accrued expenses$4,453 $4,223 Stock option exercise proceeds in other receivables$— $113 Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
(Unaudited)
As of March 31, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents$54,627 $28,450 Accounts receivable, net 850 639 Other receivables 17,554 15,485 Inventory, net 5,054 5,485 Prepaid expenses and other current assets 10,700 9,619 Total current assets 88,785 59,678 Property and equipment, net 930,371 914,022 Operating lease right of use assets, net 930,870 942,664 Other intangible assets, net 110,385 110,822 Goodwill 1,134,830 1,134,830 Other assets 10,801 11,122 Total assets$3,206,042 $3,173,138 Liabilities and stockholders’ equity Current liabilities Accounts payable$25,742 $27,824 Accrued payroll and related expenses 27,116 25,074 Other accrued expenses 36,709 41,540 Current maturities of operating lease liability 54,543 53,625 Current maturities of finance lease liability 903 879 Deferred revenue 37,725 35,904 Total current liabilities 182,738 184,846 Long-term debt, net 790,043 796,893 Operating lease liability 895,298 906,371 Financing lease liability 12,109 12,344 Deferred tax liabilities, net 148,787 137,547 Other long-term liabilities 1,877 2,124 Total liabilities 2,030,852 2,040,125 Stockholders’ equity Common stock, $0.01 par value, 1,000,000,000 shares authorized,
328,685,816 and 328,282,533 shares outstanding as of
March 31, 2026 and December 31, 2025, respectively 3,292 3,288 Additional paid-in capital 869,301 862,095 Accumulated other comprehensive income (loss) 492 (293)Retained earnings 302,105 267,923 Total stockholders’ equity 1,175,190 1,133,013 Total liabilities and stockholders’ equity$3,206,042 $3,173,138 GAAP to Non-GAAP Reconciliations
(Amounts in thousands, except share and per share data)
(Unaudited)
Three Months Ended March 31, 2026 2025 Reconciliation of net income to adjusted EBITDA Net income$34,182 $27,000 Interest expense, net 12,283 16,023 Income tax provision 12,546 9,944 Depreciation and amortization expense 23,434 20,917 Loss on sale of assets, net 125 111 Stock-based compensation expense 6,932 7,116 Acquisition expenses 864 1,414 Non-cash rent expense 1,819 1,966 Other 4,478 1,158 Adjusted EBITDA$96,663 $85,649 Three Months Ended March 31, 2026 2025 Reconciliation of net income to adjusted net income Net income$34,182 $27,000 Loss on sale of assets, net 125 111 Stock-based compensation expense 6,932 7,116 Acquisition expenses 864 1,414 Other 4,478 1,158 Income tax impact of stock award exercises 229 328 Tax impact of adjustments to net income (2,548) (2,078)Adjusted net income$44,262 $35,049 Diluted adjusted net income per Share$0.13 $0.11 Adjusted weighted-average common shares outstanding - diluted 334,309,927 331,479,048 Three Months Ended March 31, 2026 2025 Free cash flow Net cash provided by operating activities$79,660 $87,550 Adjustments: Purchases of property and equipment (46,686) (55,081)Free cash flow$32,974 $32,469 Three Months Ended March 31, 2026 2025 Free cash flow excluding growth capital expenditures Net cash provided by operating activities$79,660 $87,550 Adjustments: Purchases of maintenance property and equipment (5,542) (10,461)Free cash flow excluding growth capital expenditures$74,118 $77,089
Mister Car Wash came out with quarterly earnings of $0.13 per share, beating the Zacks Consensus Estimate of $0.12 per share. This compares to earnings of $0.11 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +13.04%. A quarter ago, it was expected that this car wash operator would post earnings of $0.1 per share when it actually produced earnings of $0.11, delivering a surprise of +10%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Mister Car Wash, which belongs to the Zacks Automotive - Replacement Parts industry, posted revenues of $277.91 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 1.50%. This compares to year-ago revenues of $261.66 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Mister Car Wash shares have added about 27.3% since the beginning of the year versus the S&P 500's gain of 4.3%.
What's Next for Mister Car Wash?While Mister Car Wash has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Mister Car Wash was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.12 on $284.49 million in revenues for the coming quarter and $0.48 on $1.12 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Automotive - Replacement Parts is currently in the bottom 26% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, LKQ (LKQ - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on April 30.
This vehicle components company is expected to post quarterly earnings of $0.67 per share in its upcoming report, which represents a year-over-year change of -15.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
LKQ's revenues are expected to be $3.42 billion, down 1.3% from the year-ago quarter.
NEW YORK, May 01, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP notifies stockholders of Mister Car Wash, Inc. (NASDAQ: MCW) that new details have emerged related to BFA Law’s ongoing investigation into the company’s board of directors and its controlling stockholder, LGP, for potential breaches of their fiduciary duties to shareholders in connection with the pending take-private sale of Mister Car Wash that is slated to cash out every public stockholder for $7 per share.
If you are a current shareholder of Mister Car Wash, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/mister-car-wash-investigation.
Why is Mister Car Wash being Investigated?
On February 18, 2026, Mister Car Wash announced that it had agreed to be acquired by Leonard Green & Partners, L.P. (“LGP”) for $7.00 per share. This price may represent an unfairly low price being paid to Mister Car Wash’s stockholders and may be the result of conflicts of interest between Mister Car Wash’s board of directors and LGP.
LGP is the largest owner of Mister Car Wash stock, owning over 66% of the company’s common stock. As Mister Car Wash noted in its most recent annual report (SEC form 10-k) “[f]or as long as LGP owns more than 50% of [Mister Car Wash’s] common stock it will be able to exert a controlling influence over all matters requiring stockholder approval, including the nomination and election of directors and approval of significant corporate transactions, such as a merger or other sale of our Company or its assets.” As the controlling stockholder of Mister Car Wash, LGP owes fiduciary duties to the public stockholders of Mister Car Wash.
LGP has already used its shares to give stockholder approval to the take-private sale, and the company does not plan to solicit any further votes from public stockholders. With the ability to approve the sale of Mister Car Wash to itself, needing only its own votes, LGP is incentivized to execute the deal as cheaply as possible.
BFA Law is conducting an ongoing investigation into Mister Car Wash’s board of directors and LGP to ascertain whether they have breached fiduciary duties to Mister Car Wash’s stockholders in connection with the contemplated transaction.
On April 3, 2026, Mister Car Wash filed new disclosures with the SEC on Schedule 13E-3. In that form, the company revealed the members of the special committee that negotiated the terms of the transaction on behalf of the company. BFA Law’s investigation has identified potential deficiencies in the independence of those special committee members. Mister Car Wash also revealed new details about the background of how the transaction was negotiated. BFA Law is continuing to investigate whether Mister Car Wash’s management conducted a sufficient sales process in light of this new information—including into whether the company ever genuinely considered alternative purchasers aside from LGP.
Click here for more information: https://www.bfalaw.com/cases/mister-car-wash-investigation
What Can You Do?
If you are a current holder of Mister Car Wash stock you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
, /PRNewswire/ -- Mister Car Wash, Inc. (the "Company" or "Mister Car Wash") (Nasdaq: MCW), the nation's leading car wash brand, today announced the successful completion of its acquisition by investment funds managed by Leonard Green & Partners, L.P. ("LGP") in an all-cash transaction which implies a total enterprise value of the Company of $3.1 billion.
"We are excited for the next phase of growth and going private gives us greater flexibility to continue investing behind providing a superior customer experience," said John Lai, Chairman and CEO of Mister Car Wash. "We couldn't be more excited about the opportunity to partner with Leonard Green during this next phase. They have been a great partner since 2014 and understand the business and industry deeply."
As a result of the transaction, members of management rolled over some of their ownership of the Company and LGP acquired all of the other outstanding shares of the Company's common stock that were not already owned by LGP's affiliates for $7.00 per share in cash.
Mister Car Wash's common stock has ceased trading and will be delisted from Nasdaq.
Advisors
BofA Securities Inc. and Centerview Partners LLC acted as financial advisors and Morris, Nichols, Arsht & Tunnell LLP acted as legal counsel to the Special Committee of the Mister Car Wash Board of Directors. Latham & Watkins LLP acted as legal counsel to Mister Car Wash while Jefferies LLC acted as financial advisor and Simpson Thacher & Bartlett LLP acted as legal counsel to LGP.
About Mister Car Wash
Headquartered in Tucson, Arizona, Mister Car Wash operates approximately 550 locations and has the largest car wash subscription program in North America. With a passionate team of professionals, advanced technology, and a commitment to exceptional customer experiences, Mister Car Wash is dedicated to providing a clean, shiny, and dry vehicle every time. The Mister brand is deeply rooted in delivering quality service, fostering friendliness, and demonstrating a genuine commitment to the communities it serves while prioritizing responsible environmental practices and resource management. To learn more, visit www.mistercarwash.com.
About Leonard Green & Partners
LGP is a leading private equity investment firm founded in 1989 and based in Los Angeles with over $85 billion of assets under management. The firm partners with experienced management teams and often with founders to invest in market-leading companies. The firm primarily focuses on services, including consumer, healthcare, and business services, as well as distribution and industrials. For more information, please visit www.leonardgreen.com.
Mister Car Wash Announces Completion of Take-Private by Leonard Green & Partners PR Newswire
TUCSON, Ariz., May 19, 2026
, /PRNewswire/ -- Mister Car Wash, Inc. (the "Company" or "Mister Car Wash") (Nasdaq: MCW), the nation's leading car wash brand, today announced the successful completion of its acquisition by investment funds managed by Leonard Green & Partners, L.P. ("LGP") in an all-cash transaction which implies a total enterprise value of the Company of $3.1 billion.
"We are excited for the next phase of growth and going private gives us greater flexibility to continue investing behind providing a superior customer experience," said John Lai, Chairman and CEO of Mister Car Wash. "We couldn't be more excited about the opportunity to partner with Leonard Green during this next phase. They have been a great partner since 2014 and understand the business and industry deeply."
As a result of the transaction, members of management rolled over some of their ownership of the Company and LGP acquired all of the other outstanding shares of the Company's common stock that were not already owned by LGP's affiliates for $7.00 per share in cash.
Mister Car Wash's common stock has ceased trading and will be delisted from Nasdaq.
Advisors
BofA Securities Inc. and Centerview Partners LLC acted as financial advisors and Morris, Nichols, Arsht & Tunnell LLP acted as legal counsel to the Special Committee of the Mister Car Wash Board of Directors. Latham & Watkins LLP acted as legal counsel to Mister Car Wash while Jefferies LLC acted as financial advisor and Simpson Thacher & Bartlett LLP acted as legal counsel to LGP.
About Mister Car Wash
Headquartered in Tucson, Arizona, Mister Car Wash operates approximately 550 locations and has the largest car wash subscription program in North America. With a passionate team of professionals, advanced technology, and a commitment to exceptional customer experiences, Mister Car Wash is dedicated to providing a clean, shiny, and dry vehicle every time. The Mister brand is deeply rooted in delivering quality service, fostering friendliness, and demonstrating a genuine commitment to the communities it serves while prioritizing responsible environmental practices and resource management. To learn more, visit www.mistercarwash.com.
About Leonard Green & Partners
LGP is a leading private equity investment firm founded in 1989 and based in Los Angeles with over $85 billion of assets under management. The firm partners with experienced management teams and often with founders to invest in market-leading companies. The firm primarily focuses on services, including consumer, healthcare, and business services, as well as distribution and industrials. For more information, please visit www.leonardgreen.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/mister-car-wash-announces-completion-of-take-private-by-leonard-green--partners-302776284.html
, /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB) ("Associated") today announced it will once again serve as the title sponsor of Audaxity, returning for the second annual fundraising bicycle ride in 2026 after supporting the event's inaugural year.
Audaxity brings together riders, cancer survivors, caregivers and community members to raise critical funds for cancer research at the Medical College of Wisconsin (MCW) Cancer Center. With 100% of funds raised staying local, the event plays a meaningful role in advancing research that is improving outcomes for adult, pediatric and rare cancer patients across the region and the country.
"Returning as the title sponsor of Audaxity reflects our deep commitment to the communities we serve and to advancing lifesaving research close to home," said Jayne Hladio, president of Associated Bank Private Wealth and Associated's internal Audaxity champion. "This ride is about more than miles, it's about impact. Every dollar raised stays here in our community, supporting researchers at the Medical College of Wisconsin Cancer Center whose work is making real progress for families facing cancer in Wisconsin and far beyond."
Audaxity hosted its first ride in August 2025, drawing 1,074 participants, including 112 cancer survivors, across 111 teams made up of local businesses, community groups and individuals. Together, they rode 12,796 miles and raised more than $1 million to support local cancer research efforts. The event's name combines "audacity," representing bold determination, and "audax," a long-distance cycling challenge, to capture the spirit of riders committed to pushing boundaries for a greater cause.
"This partnership enables us to move faster with cancer research, from discovery to delivery of new treatments for patients," said Dr. Gustavo Leone, director of the MCW Cancer Center and senior associate dean of cancer research. "Audaxity and Associated are not only helping fund critical research, but they are also rallying the community around a shared purpose. That combination of resources and collective commitment is what drives meaningful progress against cancer and brings hope to patients and their families."
This year's Audaxity bike ride will take place on Sunday, August 2 at American Family Field, offering five ride courses of varying lengths and difficulty, as well as a flexible virtual participation option to make it accessible for individuals of all abilities and locations. A "Rev Up" event will take place on Friday evening, creating an opportunity for participants and supporters to celebrate the mission and get energized for the ride ahead.
The continued partnership between Associated and the MCW Cancer Center underscores a shared commitment to accelerating cancer research while building a strong, supportive community around those impacted by the disease. Through Associated's sponsorship of Audaxity, the MCW Cancer Center is putting the funds directly to work by bringing together researchers and clinicians to tackle cancer's toughest challenges, training the next generation of scientists and expanding access to lifesaving discoveries so more families, both here in Wisconsin and beyond, can benefit.
To learn more, sign up to ride, or volunteer, visit audaxity.org.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of approximately $50 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from over 200 banking locations throughout Wisconsin, Illinois, Iowa, Minnesota, Missouri and Nebraska. The Company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com
Media Contact:
Andrea Kozek
VP/Senior Manager, Public Relations
920-491-7518
View original content to download multimedia:https://www.prnewswire.com/news-releases/associated-bank-returns-as-title-sponsor-of-second-annual-audaxity-bike-ride-driving-community-impact-for-local-cancer-research-302784590.html
MSCI (MSCI - Free Report) came out with quarterly earnings of $4.55 per share, beating the Zacks Consensus Estimate of $4.4 per share. This compares to earnings of $4 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +3.50%. A quarter ago, it was expected that this maker of software tools to help portfolio managers make investment decisions would post earnings of $4.62 per share when it actually produced earnings of $4.66, delivering a surprise of +0.87%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
MSCI, which belongs to the Zacks Financial - Investment Management industry, posted revenues of $850.8 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 1.98%. This compares to year-ago revenues of $745.83 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
MSCI shares have lost about 1.2% since the beginning of the year versus the S&P 500's gain of 3.9%.
What's Next for MSCI?While MSCI has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for MSCI was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $4.81 on $853.01 million in revenues for the coming quarter and $19.39 on $3.46 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Investment Management is currently in the bottom 19% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Blue Owl Capital Inc. (OWL - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on April 30.
This company is expected to post quarterly earnings of $0.19 per share in its upcoming report, which represents a year-over-year change of +11.8%. The consensus EPS estimate for the quarter has been revised 2.6% lower over the last 30 days to the current level.
Blue Owl Capital Inc.'s revenues are expected to be $698.56 million, up 12.6% from the year-ago quarter.
For the quarter ended March 2026, MSCI (MSCI - Free Report) reported revenue of $850.8 million, up 14.1% over the same period last year. EPS came in at $4.55, compared to $4.00 in the year-ago quarter.
The reported revenue represents a surprise of +1.98% over the Zacks Consensus Estimate of $834.3 million. With the consensus EPS estimate being $4.40, the EPS surprise was +3.5%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how MSCI performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Period-End AUM in ETFs linked to MSCI equity indexes: $2.4 billion versus $2.41 billion estimated by three analysts on average.Index Run Rate - Recurring subscriptions: $1.05 billion versus the three-analyst average estimate of $1.04 billion.All Other - Private Assets Run Rate: $296.4 million versus the three-analyst average estimate of $297.95 million.Index Retention Rate: 96.9% compared to the 96.5% average estimate based on three analysts.Operating Revenues- Index- Recurring subscriptions: $254.2 million compared to the $254.12 million average estimate based on three analysts. The reported number represents a change of +8.9% year over year.Operating Revenues- Asset-based fees - Total: $224.5 million versus $217.46 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +26.5% change.Operating Revenues- Index- Non-recurring: $17.6 million versus $11.85 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +60% change.Operating Revenues- All Other - Private Assets: $72.6 million versus the three-analyst average estimate of $73.86 million. The reported number represents a year-over-year change of +7.9%.Operating Revenues- Sustainability and Climate: $91.9 million compared to the $94.77 million average estimate based on three analysts. The reported number represents a change of +8.6% year over year.Operating Revenues- Analytics: $190 million versus the three-analyst average estimate of $187.15 million. The reported number represents a year-over-year change of +10.4%.Operating Revenues- Index- Asset-based fees: $224.5 million versus $217.46 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +26.5% change.Operating Revenues- Non-recurring - Total: $26.1 million versus the two-analyst average estimate of $17.71 million. The reported number represents a year-over-year change of +65.5%.View all Key Company Metrics for MSCI here>>>
Shares of MSCI have returned +2.8% over the past month versus the Zacks S&P 500 composite's +9.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Key Takeaways MSCI Q1 non-GAAP EPS of $4.55 and revenues of $850.8M beat estimates. Index-led segment revenue to $496.3M with asset-based fees of $224.5M, up 26.6%. MSCI repurchased $464M stock, paid ~$150M dividends. MSCI Inc. (MSCI - Free Report) delivered first-quarter 2026 adjusted earnings of $4.55 per share, up 13.8% year over year and beat the Zacks Consensus Estimate by 3.41%. The reported quarter’s operating revenues came in at $850.8 million, up 14.1% year over year and beat the consensus mark by 2.01%.
Strength in asset-based fees, along with steady growth in recurring subscription revenues, powered the top line. Profitability also improved, with operating margin expanding to 53.7% and adjusted EBITDA margin rising to 59.3% in the quarter.
MSCI shares were up 3.75% at the time of writing the article. MSCI shares have dropped 1.1% year to date compared with the broader Zacks Finance sector’s return of 0.8%.
MSCI Shows Broad-Based Growth Across SegmentsMSCI’s business momentum was also reflected in its recurring revenue indicators. Total Run Rate at March 31, 2026, was $3.36 billion, up 12.7% year over year, and the total retention rate for the first quarter was 95.4%, essentially steady with the prior-year period. Management pointed to strong sales execution and product momentum across client segments and product lines during the reported quarter. The company emphasized record asset-based-fee Run Rate and strong recurring sales activity, particularly within Index and Analytics.
Index remained the primary growth engine in the first quarter, with segment operating revenues of $496.3 million, up 17.7% year over year. Within the segment, asset-based fees totaled $224.5 million (up 26.6% year over year) while recurring subscription revenues were $254.2 million (up 9% year over year), highlighting a solid mix of usage-linked and subscription-driven revenue streams.
Analytics also posted a healthy quarter, with operating revenues increasing 10.3% to $190.0 million. Growth was supported by recurring subscription revenues of $183.2 million (up 7.9% year over year), while non-recurring revenues rose to $6.8 million (up 183.3% year over year), reflecting a stronger contribution from one-time sales versus the year-ago period.
Sustainability and Climate generated operating revenues of $91.9 million, up 8.6%, supported by recurring subscription revenues of $90.9 million (up 9.9% year over year). All Other – Private Assets contributed operating revenues of $72.6 million, up 7.9% year over year, with recurring subscription revenues of $71.9 million (up 7.6% year over year).
MSCI Expands Margins in Q1Adjusted EBITDA rose 18.6% year over year to $504.7 million. The adjusted EBITDA margin improved to 59.3% from 57.1% a year ago.
Adjusted EBITDA expenses were $346.1 million, up 8.1% year over year, reflecting higher compensation and benefits costs due to higher headcount, as well as elevated severance costs. Total operating expenses increased 6.8% on a year-over-year basis to $393.9 million due to higher compensation costs from a 2.2% increase in headcount.
Operating income increased 21.2% year over year to $456.9 million, with operating margin improving to 53.7% from 50.6% in the year-ago quarter.
MSCI Highlights Cash Flow and Capital ReturnsAs of March 31, 2026, MSCI had $385.3 million in cash and cash equivalents compared with $515.3 million as of Dec. 31, 2025.
Total principal debt outstanding stood at $6.5 billion at March 31, 2026, with management noting a total debt-to-adjusted EBITDA ratio of 3.2x on a trailing 12-month basis, within its target range of 3.0x to 3.5x.
Cash generation remained solid. Net cash provided by operating activities was $306.8 million in the reported quarter, while free cash flow increased 3.4% year over year to $278.0 million, reflecting higher cash collections partly offset by higher cash expenses and interest expense.
Shareholder returns were a notable highlight. MSCI repurchased $464 million of stock in the first quarter and through April 20, 2026, totaling 835,591 shares at an average repurchase price of $555.61. The company also paid approximately $150 million in dividends during the quarter and declared a cash dividend of $2.05 per share for the second quarter of 2026, payable May 29, 2026.
MSCI Maintains 2026 OutlookFor 2026, MSCI maintained its guidance framework. The company continues to expect operating expenses of $1.490-$1.530 billion and adjusted EBITDA expenses of $1.305-$1.335 billion.
Interest expense is projected at $274-$280 million, while capital expenditures are expected to be $160-$170 million.
Net cash provided by operating activities is guided to $1.640-$1.690 billion, with free cash flow projected at $1.470-$1.530 billion.
Zacks Rank & Stocks to ConsiderMSCI currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Financial sector are Crown Castle (CCI - Free Report) , Equinix (EQIX - Free Report) , and Jones Lang LaSalle (JLL - Free Report) . Each stock currently has a Zack Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Crown Castle, Equinix and Jones Lang LaSalle are set to report their first-quarter 2026 results on April 22, 29 and 30, respectively.
In terms of share price movement, Equinix shares have jumped 44.1% year to date, while Jones Lang LaSalle climbed 5.1%. Crown Castle’s shares have dropped 1.5% over the same timeframe.
Here at Zacks, we offer our members many different opportunities to take full advantage of the stock market, as well as how to invest in ways that lead to long-term success.
The Zacks Premium service makes this easier. It features daily updates of the Zacks Rank and Zacks Industry Rank; full access to the Zacks #1 Rank List; Equity Research reports; and Premium stock screens like the Earnings ESP filter. All of these can help you quickly identify what stocks to buy, what to sell, and what are today's hottest industries.
Also included in Zacks Premium is the Focus List. This is a long-term portfolio of top stocks that have all the traits to beat the market.
Breaking Down the Zacks Focus ListIf you could get access to a curated list of stocks to kickstart your investment portfolio, wouldn't you jump at the chance to take a peek?
Enter the Zacks Focus List. It's a portfolio made up of 50 stocks that are set to beat the market over the next 12 months; each company selected serves as a foundation for long-term investors looking to create an individual portfolio.
One thing that makes the Focus List even more advantageous is that each pick comes with a full Zacks Analyst Report. This helps explain why each stock was selected and why we believe it's a good pick for the long-term.
The portfolio's past performance only solidifies why investors should consider it as a starting point. For 2020, the Focus List gained 13.85% on an annualized basis compared to the S&P 500's return of 9.38%. Cumulatively, the portfolio has returned 2,519.23% while the S&P returned 854.95%. Returns are for the period of February 1, 1996 to March 31, 2021.
Focus List MethodologyWhen stocks are picked for the Focus List, it reflects our enduring reliance on the power of earnings estimate revisions.
Brokerage analysts are in charge of determining a company's growth and profitability expectations, or earnings estimates. These analysts work together with company management to evaluate all factors that may affect future earnings, like interest rates, the economy, and sector and industry optimism.
What a company will earn down the road also needs to be taken into consideration, and this is why earnings estimate revisions are so important.
When a stock receives upward earnings estimate revisions, it will likely get even more positive changes in the future. For instance, if an analyst raised their earnings outlook last month, they'll probably do so again this month, and other analysts will follow.
Harnessing the power of earnings estimate revisions is where the Zacks Rank comes in. The Zacks Rank, which is a unique, proprietary stock-rating model, employs earnings estimate revisions to make it easier to build a winning portfolio.
There are four main factors behind the Zacks Rank: Agreement, Magnitude, Upside, and Surprise. Each one of these features is then given a raw score that's recalculated every night and compiled into the Rank. Using this data, stocks are classified into five groups, ranging from "Strong Buy" to "Strong Sell."
The Focus List is comprised of stocks hand-picked from a long list of #1 (Strong Buy) or #2 (Buy) ranked companies, meaning that each new addition boasts a bullish earnings consensus among analysts.
Since stock prices respond to revisions, it can be very profitable to buy stocks with rising earnings estimates. By buying Focus List stocks, then, you're likely getting into companies whose future earnings estimates will be raised, potentially leading to price momentum.
Focus List Spotlight: MSCI (MSCI - Free Report) MSCI Inc. provides investment decision support tools, including indexes; portfolio construction and risk management products and services; Environmental, Social and Governance (ESG) research and ratings; and real estate research, reporting and benchmarking offerings.
MSCI, a #3 (Hold) stock, was added to the Focus List on October 10, 2018 at $166.96 per share. Since then, shares have increased 258.18% to $598.01.
For fiscal 2026, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.11 to $19.55. MSCI boasts an average earnings surprise of 1.7%.
Additionally, MSCI's earnings are expected to grow 13.1% for the current fiscal year.
Reveal Winning StocksUnlock all of our powerful research, tools and analysis, including the Zacks #1 Rank List, Equity Research Reports, Zacks Earnings ESP Filter, Premium Screener and more, as part of Zacks Premium. You'll quickly identify which stocks to buy, hold and sell, and target today's hottest industries, to help improve the performance of your portfolio. Gain full access now >>
Morningstar’s Investing Insights podcast recently spotlighted four S&P 500 stocks that have already declared dividend increases of 10% or more, effectively locking in their place on next year’s Dividend Growers screen, which requires companies to grow dividends at least 10% annually.
The host’s framing was simple: “Dividends are paid out from earnings. So companies that are able to increase their dividends at a high ongoing rate are quality companies with growing earnings.” Defensive investors also like the category because dividend growers tend to strike a balance between the dividend income high-yielders offer and the earnings growth driven by earnings reinvestment that lower-yielding companies tend to provide.
Here are four Dividend Growers that have already declared 10% dividend increases for next year:
NextEra Energy NextEra Energy (NYSE:NEE | NEE Price Prediction) is the largest U.S. utility by market cap at ~$202.4 billion, operating Florida Power & Light and a renewables development arm with a ~33 GW backlog. Management guides to roughly 10% annual dividend growth through 2026, with the Q1 2026 quarterly payout stepping up to $0.6232 from $0.5665. Shares are up 50.7% over the past year. Q1 adjusted EPS rose 10% YoY to $1.09.
Snap-on Snap-on (NYSE:SNA), the Kenosha-based professional tools maker, raised its quarterly dividend to $2.44 from $2.14, clearing the 10% bar. Q1 2026 revenue of $1.207 billion beat consensus by 2.48%, and the board authorized a $500 million repurchase. CEO Nick Pinchuk cited “robust sales growth with customers in critical industries” despite tariff and FX turbulence.
MSCI MSCI (NYSE:MSCI) lifted its quarterly dividend to $2.05 from $1.80, a 13.9% step-up. The index provider posted Q1 2026 revenue of $850.8 million, up 14.1% YoY, with ETF AUM linked to MSCI indexes at $2.4 trillion and operating margin expanding to 53.7%.
Motorola Solutions Motorola Solutions (NYSE:MSI) bumped its quarterly dividend to $1.21 from $1.09, extending a streak of double-digit raises. The mission-critical communications leader closed 2025 with a record $15.7 billion backlog and guides to ~$12.7 billion in 2026 revenue with non-GAAP EPS of $16.70 to $16.85.
Two Exit Stories Worth Watching Zoetis (NYSE:ZTS) announced only a 6% dividend increase, raising its quarterly payout to $0.53 from $0.50. Unless the animal-health company announces a second increase this year, which is unlikely based on historical patterns, it will likely drop off the screen.
NextEra qualifies this cycle, but management’s 6% annual dividend growth guidance from year-end 2026 through 2028 signals a probable exit the following year. Investors monitoring dividend growth as a quality proxy should keep an eye on that step-down, since the screen rewards consistency above the 10% line.
LONDON--(BUSINESS WIRE)--MSCI Inc. (NYSE:MSCI), a leading provider of critical decision support tools and services for the global investment community, will announce the results of the May 2026 Index Review for the MSCI Equity Indexes - including the MSCI Global Standard, MSCI Global Small Cap and MSCI Micro Cap Indexes, the MSCI Global Value and Growth Indexes, the MSCI Frontier Markets, and MSCI Frontier Markets Small Cap Indexes, the MSCI US Equity Indexes, the MSCI US REIT Index, the MSCI C.
LONDON--(BUSINESS WIRE)--MSCI Inc. (NYSE:MSCI), a leading provider of critical decision support tools and services for the global investment community, announced the results of the May 2026 Index Review for the MSCI Equity Indexes. All changes will be implemented as of the close of May 29, 2026. Highlights include: MSCI Global Standard Indexes: Forty-nine securities will be added to and 101 securities will be deleted from the MSCI ACWI Index. The three largest additions to the MSCI World Index.
A month has gone by since the last earnings report for MSCI (MSCI - Free Report) . Shares have lost about 4.3% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is MSCI due for a breakout? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for MSCI Inc before we dive into how investors and analysts have reacted as of late.
MSCI Q1 Earnings Beat Estimates, Revenues Rise Y/YMSCI delivered first-quarter 2026 adjusted earnings of $4.55 per share, up 13.8% year over year and beat the Zacks Consensus Estimate by 3.41%. The reported quarter’s operating revenues came in at $850.8 million, up 14.1% year over year and beat the consensus mark by 2.01%.
Strength in asset-based fees, along with steady growth in recurring subscription revenues, powered the top line. Profitability also improved, with operating margin expanding to 53.7% and adjusted EBITDA margin rising to 59.3% in the quarter.
MSCI Shows Broad-Based Growth Across SegmentsMSCI’s business momentum was also reflected in its recurring revenue indicators. Total Run Rate at March 31, 2026, was $3.36 billion, up 12.7% year over year, and the total retention rate for the first quarter was 95.4%, essentially steady with the prior-year period. Management pointed to strong sales execution and product momentum across client segments and product lines during the reported quarter. The company emphasized record asset-based-fee Run Rate and strong recurring sales activity, particularly within Index and Analytics.
Index remained the primary growth engine in the first quarter, with segment operating revenues of $496.3 million, up 17.7% year over year. Within the segment, asset-based fees totaled $224.5 million (up 26.6% year over year) while recurring subscription revenues were $254.2 million (up 9% year over year), highlighting a solid mix of usage-linked and subscription-driven revenue streams.
Analytics also posted a healthy quarter, with operating revenues increasing 10.3% to $190.0 million. Growth was supported by recurring subscription revenues of $183.2 million (up 7.9% year over year), while non-recurring revenues rose to $6.8 million (up 183.3% year over year), reflecting a stronger contribution from one-time sales versus the year-ago period.
Sustainability and Climate generated operating revenues of $91.9 million, up 8.6%, supported by recurring subscription revenues of $90.9 million (up 9.9% year over year). All Other – Private Assets contributed operating revenues of $72.6 million, up 7.9% year over year, with recurring subscription revenues of $71.9 million (up 7.6% year over year).
MSCI Expands Margins in Q1Adjusted EBITDA rose 18.6% year over year to $504.7 million. The adjusted EBITDA margin improved to 59.3% from 57.1% a year ago.
Adjusted EBITDA expenses were $346.1 million, up 8.1% year over year, reflecting higher compensation and benefits costs due to higher headcount, as well as elevated severance costs. Total operating expenses increased 6.8% on a year-over-year basis to $393.9 million due to higher compensation costs from a 2.2% increase in headcount.
Operating income increased 21.2% year over year to $456.9 million, with operating margin improving to 53.7% from 50.6% in the year-ago quarter.
MSCI Highlights Cash Flow and Capital ReturnsAs of March 31, 2026, MSCI had $385.3 million in cash and cash equivalents compared with $515.3 million as of Dec. 31, 2025.
Total principal debt outstanding stood at $6.5 billion at March 31, 2026, with management noting a total debt-to-adjusted EBITDA ratio of 3.2x on a trailing 12-month basis, within its target range of 3.0x to 3.5x.
Cash generation remained solid. Net cash provided by operating activities was $306.8 million in the reported quarter, while free cash flow increased 3.4% year over year to $278.0 million, reflecting higher cash collections partly offset by higher cash expenses and interest expense.
Shareholder returns were a notable highlight. MSCI repurchased $464 million of stock in the first quarter and through April 20, 2026, totaling 835,591 shares at an average repurchase price of $555.61. The company also paid approximately $150 million in dividends during the quarter and declared a cash dividend of $2.05 per share for the second quarter of 2026, payable May 29, 2026.
MSCI Maintains 2026 OutlookFor 2026, MSCI maintained its guidance framework. The company continues to expect operating expenses of $1.490-$1.530 billion and adjusted EBITDA expenses of $1.305-$1.335 billion.
Interest expense is projected at $274-$280 million, while capital expenditures are expected to be $160-$170 million.
Net cash provided by operating activities is guided to $1.640-$1.690 billion, with free cash flow projected at $1.470-$1.530 billion.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.
VGM ScoresCurrently, MSCI has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. Charting a somewhat similar path, the stock has a score of F on the value side, putting it in the lowest quintile for value investors.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Interestingly, MSCI has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry PlayerMSCI is part of the Zacks Financial - Investment Management industry. Over the past month, Cohen & Steers Inc (CNS - Free Report) , a stock from the same industry, has gained 4.8%. The company reported its results for the quarter ended March 2026 more than a month ago.
Cohen & Steers reported revenues of $145.64 million in the last reported quarter, representing a year-over-year change of +8.3%. EPS of $0.79 for the same period compares with $0.75 a year ago.
For the current quarter, Cohen & Steers is expected to post break-even earnings per share, indicating a change of 0% from the year-ago quarter. The Zacks Consensus Estimate has changed 0% over the last 30 days.
Cohen & Steers has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.
NEW YORK--(BUSINESS WIRE)--MSCI Inc. (NYSE: MSCI), a leading provider of critical decision support tools and services for the global investment community, announced today that it will release the results of the MSCI 2026 Global Market Accessibility Review on June 18, 2026, and the results of the MSCI 2026 Annual Market Classification Review on June 23, 2026. Both announcements will be made available shortly after 10:30 p.m. Central European Summer Time (CEST) on www.msci.com/market-classificati.
Some investors are embracing the financial sector ahead of what they deem as an even more euphoric stretch of a new roaring 20s, whereas others believe a recession is imminent.
Here at Zacks, we offer our members many different opportunities to take full advantage of the stock market, as well as how to invest in ways that lead to long-term success.
The Zacks Premium service makes this easier. It features daily updates of the Zacks Rank and Zacks Industry Rank; full access to the Zacks #1 Rank List; Equity Research reports; and Premium stock screens like the Earnings ESP filter. All of these can help you quickly identify what stocks to buy, what to sell, and what are today's hottest industries.
It also includes the Focus List, a long-term portfolio of top stocks that have all the elements to beat the market.
Breaking Down the Zacks Focus ListIf you could get access to a curated list of stocks to kickstart your investment portfolio, wouldn't you jump at the chance to take a peek?
That's what the Zacks Focus List, a portfolio of 50 stocks, offers investors. Not only does it serve as a starting point for long-term investors, but all stocks included in the list are poised to outperform the market over the next 12 months.
Additionally, each selection is accompanied by a full Zacks Analyst Report, something that makes the Focus List even more valuable. The report explains in detail why each stock was picked and why we believe it's good for the long-term.
The portfolio's past performance only solidifies why investors should consider it as a starting point. For 2020, the Focus List gained 13.85% on an annualized basis compared to the S&P 500's return of 9.38%. Cumulatively, the portfolio has returned 2,519.23% while the S&P returned 854.95%. Returns are for the period of February 1, 1996 to March 31, 2021.
Focus List MethodologyWhen stocks are picked for the Focus List, it reflects our enduring reliance on the power of earnings estimate revisions.
Earnings estimates are expectations of growth and profitability, and are determined by brokerage analysts. Together with company management, these analysts examine every aspect that may affect future earnings, like interest rates, the economy, and sector and industry optimism.
Investors also need to look at what a company will earn down the road. This is why earnings estimate revisions are so important.
Stocks that receive upward earnings estimate revisions are more likely to receive even more upward changes in the future. For example, if an analyst raised their estimates last month, they're more likely to do it again this month, and other analysts are likely to do the same.
Harnessing the power of earnings estimate revisions is where the Zacks Rank comes in. The Zacks Rank, which is a unique, proprietary stock-rating model, employs earnings estimate revisions to make it easier to build a winning portfolio.
There are four main factors behind the Zacks Rank: Agreement, Magnitude, Upside, and Surprise. Each one of these features is then given a raw score that's recalculated every night and compiled into the Rank. Using this data, stocks are classified into five groups, ranging from "Strong Buy" to "Strong Sell."
The Focus List is comprised of stocks hand-picked from a long list of #1 (Strong Buy) or #2 (Buy) ranked companies, meaning that each new addition boasts a bullish earnings consensus among analysts.
Since stock prices respond to revisions, it can be very profitable to buy stocks with rising earnings estimates. By buying Focus List stocks, then, you're likely getting into companies whose future earnings estimates will be raised, potentially leading to price momentum.
Focus List Spotlight: MSCI (MSCI - Free Report) MSCI Inc. provides investment decision support tools, including indexes; portfolio construction and risk management products and services; Environmental, Social and Governance (ESG) research and ratings; and real estate research, reporting and benchmarking offerings.
MSCI, a #3 (Hold) stock, was added to the Focus List on October 10, 2018 at $166.96 per share. Since then, shares have increased 278.16% to $631.38.
Six analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.18 to $19.62. MSCI boasts an average earnings surprise of 1.7%.
Additionally, MSCI's earnings are expected to grow 13.5% for the current fiscal year.
Reveal Winning StocksUnlock all of our powerful research, tools and analysis, including the Zacks #1 Rank List, Equity Research Reports, Zacks Earnings ESP Filter, Premium Screener and more, as part of Zacks Premium. You'll quickly identify which stocks to buy, hold and sell, and target today's hottest industries, to help improve the performance of your portfolio. Gain full access now >>
NEW YORK--(BUSINESS WIRE)--MSCI Inc. (NYSE: MSCI) appointed Kashi Kakarla as Chief Technology Officer and Head of Product Engineering, effective June 22. He will report to Henry Fernandez, Chairman and Chief Executive Officer, and will serve on MSCI's Management Committee. Kakarla joins from Intuit, where he spent 17 years building and transforming products and platforms serving millions of customers worldwide. Most recently, he led technology and engineering for the Intuit Small Business Platf.
MSCI Inc. is positioned to benefit from accelerating ETF AUM growth, with strong recurring revenues and robust operating leverage. MSCI delivered 14.1% YoY revenue growth in Q1 2026, with 95.4% retention and double-digit adjusted EPS growth, validating its high-quality, scalable model. Trading at a forward P/E of 28.1, MSCI offers a 17% discount to fair value and a potential 25% upside through June 2027 if growth projections are met.
Baron Focused Growth Fund (BFGIX - Free Report) is an actively managed mutual fund that seeks long-term capital appreciation by investing primarily in small and mid-cap growth companies. Managed by Ronald Baron and David Baron, the fund employs a high-conviction, non-diversified strategy, typically holding a relatively small number of stocks compared with many diversified growth funds.
The fund has delivered strong long-term results. As of April 2026, BFGIX generated a 10-year annualized return of 20.51%, significantly outperforming both the Russell 2500 Growth Index and the broader Russell 3000 Index. Five-year annualized returns were 10.23%, while one-year returns soared to 27.65%, reflecting the fund’s ability to benefit from successful stock selection and long-term growth trends.
A distinguishing feature of BFGIX is its concentrated portfolio. The fund typically owns around 20 to 35 holdings, allowing successful investments to have a meaningful impact on performance. As of March 2026, major positions included private aerospace company SpaceX, along with holdings in Tesla, MSCI, Hyatt Hotels, Spotify and Interactive Brokers. The top 10 holdings currently account for nearly half of total assets.
A key driver of BFGIX’s strong recent performance has been the substantial appreciation in the estimated valuations of its private investments, particularly SpaceX and, thus, indirectly, xAI, which was taken over by SpaceX. These holdings have benefited from growing investor enthusiasm surrounding artificial intelligence, space technology and innovation-driven businesses.
The strategy focuses on businesses that management believes possess durable competitive advantages, strong leadership and significant growth opportunities. While this approach has contributed to impressive long-term returns, it also increases portfolio risk. A concentrated structure means performance can be heavily influenced by a limited number of investments, leading to periods of higher volatility than more diversified funds.
BFGIX currently carries a Zacks Mutual Fund Rank #2 (Buy) within the Mid-Cap Growth category, reflecting its strong risk-adjusted performance over time. For investors evaluating actively managed growth funds, BFGIX stands out for its concentrated portfolio, substantial exposure to innovative companies and long-term record of outperforming key benchmarks, though its focused nature may not suit all risk profiles.
However, being an actively managed fund, its expense ratio is slightly on the higher side at 1.05, and its entry point is expensive at a minimum initial investment of $1,000,000.
Mutual funds, in general, reduce transaction costs and diversify portfolios without an array of commission charges that are mostly associated with stock purchases (read more: Mutual Funds: Advantages, Disadvantages, and How They Make Investors Money).
Want key mutual fund info delivered straight to your inbox?Zacks' free Fund Newsletter will brief you on top news and analysis, as well as top-performing mutual funds, each week. Get it free >>
Here at Zacks, we offer our members many different opportunities to take full advantage of the stock market, as well as how to invest in ways that lead to long-term success.
The Zacks Premium service makes this easier. It features daily updates of the Zacks Rank and Zacks Industry Rank; full access to the Zacks #1 Rank List; Equity Research reports; and Premium stock screens like the Earnings ESP filter. All of these can help you quickly identify what stocks to buy, what to sell, and what are today's hottest industries.
The service also includes the Focus List, which is a long-term portfolio of top stocks that boast a winning, market-beating combination of growth and momentum qualities.
Breaking Down the Zacks Focus ListIf you could get access to a curated list of stocks to kickstart your investment portfolio, wouldn't you jump at the chance to take a peek?
That's what the Zacks Focus List offers. It's a portfolio of 50 stocks that serve as a starting point for long-term investors to build their individual portfolios. The stocks included in the list are set to outperform the market over the next 12 months.
Additionally, each selection is accompanied by a full Zacks Analyst Report, something that makes the Focus List even more valuable. The report explains in detail why each stock was picked and why we believe it's good for the long-term.
The portfolio's past performance only solidifies why investors should consider it as a starting point. For 2020, the Focus List gained 13.85% on an annualized basis compared to the S&P 500's return of 9.38%. Cumulatively, the portfolio has returned 2,519.23% while the S&P returned 854.95%. Returns are for the period of February 1, 1996 to March 31, 2021.
Focus List MethodologyWhen stocks are picked for the Focus List, it reflects our enduring reliance on the power of earnings estimate revisions.
Brokerage analysts are in charge of determining a company's growth and profitability expectations, or earnings estimates. These analysts work together with company management to evaluate all factors that may affect future earnings, like interest rates, the economy, and sector and industry optimism.
Earnings estimate revisions are very important, since investors also need to take into consideration what a company will earn in the future.
When a stock receives upward earnings estimate revisions, it will likely get even more positive changes in the future. For instance, if an analyst raised their earnings outlook last month, they'll probably do so again this month, and other analysts will follow.
Harnessing the power of earnings estimate revisions is where the Zacks Rank comes in. The Zacks Rank, which is a unique, proprietary stock-rating model, employs earnings estimate revisions to make it easier to build a winning portfolio.
The Zacks Rank consists of four main pillars: Agreement, Magnitude, Upside, and Surprise. Each one is given a raw score, which is recalculated every night and compiled into the Rank. Then, stocks are classified into five groups, ranging from "Strong Buy" to "Strong Sell," using this data.
The Focus List is comprised of stocks hand-picked from a long list of #1 (Strong Buy) or #2 (Buy) ranked companies, meaning that each new addition boasts a bullish earnings consensus among analysts.
Because stock prices react to revisions, buying stocks with rising earnings estimates can be very profitable. Focus List stocks offer investors a great opportunity to get into companies whose future earnings estimates will be raised, potentially leading to price momentum.
Focus List Spotlight: MSCI (MSCI - Free Report) MSCI Inc. provides investment decision support tools, including indexes; portfolio construction and risk management products and services; Environmental, Social and Governance (ESG) research and ratings; and real estate research, reporting and benchmarking offerings.
On October 10, 2018, MSCI was added to the Focus List at $166.96 per share. Shares have increased 255.96% to $594.31 since then, and the company is a #3 (Hold) on the Zacks Rank.
Seven analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.19 to $19.62. MSCI also boasts an average earnings surprise of 1.7%.
Additionally, MSCI's earnings are expected to grow 13.5% for the current fiscal year.
Reveal Winning StocksUnlock all of our powerful research, tools and analysis, including the Zacks #1 Rank List, Equity Research Reports, Zacks Earnings ESP Filter, Premium Screener and more, as part of Zacks Premium. You'll quickly identify which stocks to buy, hold and sell, and target today's hottest industries, to help improve the performance of your portfolio. Gain full access now >>
Wall Street analysts expect Winnebago Industries (WGO - Free Report) to post quarterly earnings of $0.25 per share in its upcoming report, which indicates a year-over-year increase of 31.6%. Revenues are expected to be $625.03 million, up 0.8% from the year-ago quarter.
Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.
Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.
In light of this perspective, let's dive into the average estimates of certain Winnebago metrics that are commonly tracked and forecasted by Wall Street analysts.
Analysts expect 'Net Revenues- Motorhome RV' to come in at $235.66 million. The estimate indicates a change of 0% from the prior-year quarter.
Analysts predict that the 'Net Revenues- Marine' will reach $84.83 million. The estimate indicates a year-over-year change of +3.8%.
The collective assessment of analysts points to an estimated 'Net Revenues- Corporate / All Other' of $14.75 million. The estimate points to a change of +0.3% from the year-ago quarter.
The combined assessment of analysts suggests that 'Net Revenues- Towable RV' will likely reach $288.78 million. The estimate indicates a year-over-year change of +0.2%.
Analysts' assessment points toward 'Unit deliveries - Marine - Boats' reaching 1,125 . The estimate compares to the year-ago value of 1,046 .
The average prediction of analysts places 'Unit deliveries - Total Towable RV' at 7,218 . The estimate is in contrast to the year-ago figure of 7,225 .
Based on the collective assessment of analysts, 'Unit deliveries - Total Motorhome RV' should arrive at 1,015 . Compared to the present estimate, the company reported 1,144 in the same quarter last year.
View all Key Company Metrics for Winnebago here>>>
Shares of Winnebago have experienced a change of -28% in the past month compared to the -3.6% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), WGO is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
– New Products and Grand Design Expansion Drive Strong Motorhome RV Performance –
– Top- and Bottom-Line Growth Reflect Diversified Portfolio and Operational Discipline –
– $100 Million Debt Redemption Further Strengthens Balance Sheet –
– Company Maintains Fiscal 2026 Guidance for Revenue and Adjusted EPS –
EDEN PRAIRIE, Minn., March 25, 2026 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE: WGO), a leading manufacturer of outdoor recreation products, today reported financial results for the Fiscal 2026 second quarter ended February 28, 2026.
Second Quarter Fiscal 2026 Financial Summary
Net revenues of $657.4 million compared to $620.2 million in the second quarter of Fiscal 2025Gross profit of $85.6 million, representing 13.0% gross margin, compared to $83.1 million in the second quarter of Fiscal 2025Net income of $4.8 million, or $0.17 per diluted share; adjusted earnings per diluted share of $0.27 compared to adjusted earnings per diluted share of $0.19 in the second quarter of Fiscal 2025Adjusted EBITDA of $24.4 million, up 7.0% year-over-year CEO Commentary
“Our team delivered a solid quarter and executed with diligence in a challenging market,” said President and Chief Executive Officer Michael Happe. “Dealers remain focused on profitable cash flow and disciplined inventory, and we are managing the business with that sentiment in mind. While seasonal factors and unfavorable winter weather tempered retail activity during the quarter, several segments still showed signs of resilience. As we move through Fiscal 2026, we continue to prioritize operational execution and strengthening the fundamentals of the business. Our premium branded diversified portfolio continues to help navigate variability across categories, and we are executing each business with a clear focus on prudent inventory management, product innovation, profitability and cash flow.
“Consistent with our capital allocation framework, we took proactive steps during the quarter to improve our capital structure, redeeming $100 million of our outstanding Senior Secured Notes, demonstrating our commitment to further strengthening our balance sheet.
“As we move beyond the winter selling season into the seasonally stronger spring and summer months, new products and cost management actions implemented this year are expected to support our performance anticipated in the second half. We believe this approach positions the business for healthier, more resilient growth in the future. Our outlook reflects that measured view. However, it remains subject to recent macro events and the duration and severity of their potential effects, including impacts on commodity prices and other factors that could influence consumer sentiment and demand,” Happe said.
Second Quarter Fiscal 2026 Results
Net revenues were $657.4 million, an increase of 6.0% compared to $620.2 million in the second quarter of Fiscal 2025, driven primarily by selective price adjustments and product mix, partially offset by lower unit volume.
Gross profit was $85.6 million, an increase of 2.9% compared to $83.1 million in the second quarter of Fiscal 2025. Gross profit margin decreased 40 basis points in the quarter to 13.0%, primarily as a result of product mix, partially offset by selective price adjustments.
Selling, general and administrative expenses decreased 1.9% to $68.4 million from $69.7 million in the second quarter of Fiscal 2025, primarily driven by cost reduction initiatives.
Operating income improved 50.7% to $11.8 million from $7.8 million in the second quarter of Fiscal 2025.
Net income was $4.8 million, or $0.17 per diluted share, compared to net loss of $0.4 million, or $0.02 per diluted share in the second quarter of Fiscal 2025. Adjusted earnings per diluted share was $0.27, an increase of 42.1%, compared to adjusted earnings per diluted share of $0.19 in the second quarter of Fiscal 2025.
Consolidated Adjusted EBITDA was $24.4 million, an increase of 7.0%, compared to $22.8 million in the second quarter of Fiscal 2025.
Second Quarter Fiscal 2026 Segments Summary
Towable RV
Three Months Ended
($, in millions) February 28, 2026 March 1, 2025 Change(1)
Net revenues $262.4 $288.2 (9.0)%Operating income $11.1 $12.7 (12.2)%Operating income margin 4.2% 4.4% (20) bps
(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
Net revenues decreased primarily due to a shift in product mix toward lower price-point models and lower unit volume, partially offset by selective price adjustments.Operating income margin decreased primarily due to volume deleverage and product mix, largely offset by selective price adjustments and cost containment initiatives. Motorhome RV
Three Months Ended($, in millions) February 28, 2026 March 1, 2025 Change(1)Net revenues $304.7 $235.6 29.3%Operating income (loss) $7.5 $(0.6) NMOperating income margin 2.4% (0.3)% 270 bps (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
NM: Not meaningful.
Net revenues increased primarily due to higher unit volume driven by new products, partially offset by product mix.Operating income margin increased primarily due to volume leverage. Marine
Three Months Ended
($, in millions) February 28, 2026 March 1, 2025 Change(1)
Net revenues $79.2 $81.7 (3.0)%Operating income $2.9 $5.4 (46.2)%Operating income margin 3.7% 6.6% (300) bps
(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
Net revenues decreased primarily due to lower unit volume and product mix, partially offset by selective price adjustments.Operating income decreased primarily due to higher warranty expense and volume deleverage. Balance Sheet and Cash Flow
At the end of the second quarter of Fiscal 2026, cash and cash equivalents totaled $47.4 million compared to $181.7 million at the end of the first quarter of Fiscal 2026 and $174.0 million at the end of Fiscal 2025. The decrease primarily reflects the $100.0 million Senior Secured Note redemption completed in the second quarter of Fiscal 2026. As of February 28, 2026, total outstanding debt was $442.3 million, which included $450.0 million of debt, net of debt issuance costs of $7.7 million. Working capital was $403.5 million as of February 28, 2026 compared to $465.1 million at the end of Fiscal 2025. Cash flow provided by operations was $0.6 million in the first half of Fiscal 2026, a significant improvement compared to the same period last year. The Company's gross leverage ratio improved to 3.2x as of February 28, 2026 from 4.0x as of November 29, 2025. Net leverage ratio as of February 28, 2026 was 2.9x.
Quarterly Cash Dividend
On March 18, 2026, the Company’s Board of Directors approved a quarterly cash dividend of $0.35 per share payable on April 29, 2026, to common stockholders of record at the close of business on April 15, 2026.
Outlook
For calendar year 2026, Winnebago Industries expects North American RV wholesale shipments in the range of 315,000 to 345,000 units. Based on this outlook, the current business environment, and results in the first half of the fiscal year, Winnebago Industries is maintaining its revenue and adjusted EPS guidance, while updating reported EPS as follows:
Consolidated net revenues in the range of $2.8 billion to $3.0 billion;Reported earnings per diluted share in the range of $1.50 to $2.20 compared to the Company's prior expectations for reported earnings per diluted share in the range of $1.40 to $2.10; andAdjusted earnings per diluted share guidance to a range of $2.10 to $2.80(1). The Company’s outlook takes into account prevailing trends in the RV sector, including the current policy and trade environment, competitive dynamics, shifts in consumer preferences, and key macroeconomic factors that may influence overall demand.
“Our focus remains on disciplined execution in Fiscal 2026 and controlling what we can,” Happe said. “We are advancing our product roadmaps, driving continued progress in our Winnebago-branded RV businesses, and meaningfully improving the margin profile and retail share trends of our Motorhome RV segment. The value of our diversified platform, combined with the operational work already underway, positions us to navigate ongoing market volatility and build a more resilient earnings profile over time. While the external environment remains quite uncertain, we’re confident in the foundation we’ve built and the actions within our control."
Q2 FY 2026 Conference Call
Winnebago Industries, Inc. will discuss second quarter of Fiscal 2026 earnings results during a conference call scheduled for 9:00 a.m. Central Time today. Members of the news media, investors and the general public are invited to access a live broadcast of the conference call and view the accompanying presentation slides via the Investor Relations page of the Company's website at http://investor.wgo.net. The event will be archived and available for replay for the next 90 days.
About Winnebago Industries
Winnebago Industries, Inc. is a leading North American manufacturer of outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota and Florida. The Company’s common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries' investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the business outlook and financial guidance for Fiscal 2026. Investors are cautioned that forward-looking statements are inherently uncertain and involve potential risks and uncertainties. A number of factors could cause actual results to differ materially from these statements, including, but not limited to general economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of economic growth; availability of financing for RV and marine dealers and retail purchasers; competition and new product introductions by competitors; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; risk related to independent dealers; risk related to dealer consolidation or the loss of a significant dealer; significant increase in repurchase obligations; ability to retain relationships with our suppliers and obtain components; business or production disruptions; inadequate management of dealer inventory levels; increased material and component costs, including availability and price of fuel and other raw materials; ability to integrate mergers and acquisitions; ability to attract and retain qualified personnel and changes in market compensation rates; exposure to warranty claims and product recalls; ability to protect our information technology systems from data security, cyberattacks, and network disruption risks and the ability to successfully upgrade and evolve our information technology systems; ability to retain brand reputation and related exposure to product liability claims; governmental regulation, including for climate change; increased attention to environmental, social, and governance matters, and our ability to meet our commitments; impairment of goodwill and trade names; risks related to our 2030 Convertible Notes and Senior Secured Notes, including our ability to satisfy our obligations under these notes; and changes in recommendations or a withdrawal of coverage by third party securities analysts. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, copies of which are available from the SEC or from the Company upon request. We caution that the foregoing list of important factors is not complete. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any changes in the Company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.
Winnebago Industries, Inc.
Footnotes to News Release
Footnotes:
(1) Fiscal 2026 adjusted EPS guidance primarily excludes the pretax impact of intangible amortization of approximately $22 million.
Winnebago Industries, Inc.
Condensed Consolidated Statements of Income
(Unaudited and subject to reclassification)
Three Months Ended(in millions, except percent and per share data) February 28, 2026 March 1, 2025Net revenues $657.4 100.0% $620.2 100.0%Cost of goods sold 571.8 87.0% 537.1 86.6%Gross profit 85.6 13.0% 83.1 13.4%Selling, general, and administrative expenses 68.4 10.4% 69.7 11.2%Amortization 5.4 0.8% 5.6 0.9%Total operating expenses 73.8 11.2% 75.3 12.1%Operating income 11.8 1.8% 7.8 1.3%Interest expense, net 5.8 0.9% 6.8 1.1%Loss on note repurchase 0.8 0.1% 2.0 0.3%Non-operating income (0.2) —% (0.6) (0.1)%Income (loss) before income taxes 5.4 0.8% (0.4) (0.1)%Income tax provision 0.6 0.1% — —%Net income (loss) $4.8 0.7% $(0.4) (0.1)% Earnings (loss) per common share: Basic $0.17 $(0.02) Diluted $0.17 $(0.02) Weighted average common shares outstanding: Basic 28.2 28.1 Diluted 28.5 28.1 Six Months Ended(in millions, except percent and per share data) February 28, 2026 March 1, 2025Net revenues $1,360.1 100.0% $1,245.8 100.0%Cost of goods sold 1,185.5 87.2% 1,085.9 87.2%Gross profit 174.6 12.8% 159.9 12.8%Selling, general, and administrative expenses 138.2 10.2% 141.8 11.4%Amortization 10.8 0.8% 11.2 0.9%Total operating expenses 149.0 11.0% 153.0 12.3%Operating income 25.6 1.9% 6.9 0.6%Interest expense, net 11.3 0.8% 12.6 1.0%Loss on note repurchase 0.8 0.1% 2.0 0.2%Non-operating loss (0.3) —% (0.6) —%Income (loss) before income taxes 13.8 1.0% (7.1) (0.6)%Income tax provision (benefit) 3.5 0.3% (1.5) (0.1)%Net income (loss) $10.3 0.8% $(5.6) (0.5)% Earnings (loss) per common share: Basic $0.37 $(0.20) Diluted $0.36 $(0.20) Weighted average common shares outstanding: Basic 28.2 28.4 Diluted 28.4 28.4 Amounts in tables are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
In addition, percentages may not add in total due to rounding.
Winnebago Industries, Inc.
Condensed Consolidated Balance Sheets
(Unaudited and subject to reclassification)
(in millions) February 28, 2026
August 30, 2025
Assets Current assets Cash and cash equivalents $47.4 $174.0 Receivables, net 223.0 192.0 Inventories, net 407.6 396.4 Prepaid expenses and other current assets 36.8 29.8 Total current assets 714.8 792.2 Property, plant, and equipment, net 321.9 333.0 Goodwill 484.2 484.2 Other intangible assets, net 446.1 456.9 Investment in life insurance 27.8 27.1 Operating lease assets 38.8 41.6 Other long-term assets 17.9 19.4 Total assets $2,051.5 $2,154.4 Liabilities and Shareholders' Equity Current liabilities Accounts payable $136.6 $129.3 Accrued expenses 174.7 197.8 Total current liabilities 311.3 327.1 Long-term debt, net 442.3 540.5 Deferred income tax liabilities, net 11.3 5.9 Unrecognized tax benefits 5.0 4.8 Long-term operating lease liabilities 35.9 39.3 Deferred compensation benefits, net of current portion 4.7 5.1 Other long-term liabilities 5.9 7.0 Total liabilities 816.4 929.7 Shareholders' equity 1,235.1 1,224.7 Total liabilities and shareholders' equity $2,051.5 $2,154.4
Winnebago Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited and subject to reclassification)
Six Months Ended(in millions) February 28, 2026 March 1, 2025Operating activities Net income (loss) $10.3 $(5.6)Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Depreciation 19.4 19.1 Amortization 10.8 11.2 Amortization of debt issuance costs 1.3 1.6 Last in, first-out ("LIFO") expense (0.9) (0.4)Stock-based compensation 10.6 10.8 Deferred income taxes 5.4 (0.3)Loss on note repurchase 0.8 2.0 Restructuring and related costs 1.6 — Other, net (1.7) (0.7)Change in operating assets and liabilities, net of assets and liabilities acquired Receivables, net (31.0) (18.1)Inventories, net (10.2) (21.0)Prepaid expenses and other assets 0.2 5.1 Accounts payable 6.9 (1.3)Income taxes and unrecognized tax benefits (3.1) (1.7)Accrued expenses and other liabilities (19.8) (27.9)Net cash provided by (used in) operating activities 0.6 (27.2) Investing activities Purchases of property, plant, and equipment (9.9) (18.4)Proceeds from sale of property, plant, and equipment 4.0 2.1 Other, net 0.1 1.1 Net cash used in investing activities (5.8) (15.2) Financing activities Borrowings on long-term debt 3.0 — Repayments on long-term debt (103.0) (100.5)Payments of cash dividends (20.1) (19.8)Payments for repurchases of common stock (1.7) (53.6)Other, net 0.4 0.9 Net cash used in financing activities (121.4) (173.0) Net decrease in cash and cash equivalents (126.6) (215.4)Cash and cash equivalents at beginning of period 174.0 330.9 Cash and cash equivalents at end of period $47.4 $115.5 Supplemental Disclosures Income taxes paid, net $1.4 $1.6 Interest paid 13.0 16.6 Non-cash investing and financing activities Capital expenditures in accounts payable $0.7 $5.1 Increase in lease assets in exchange for lease liabilities: Operating leases 0.9 2.3 Finance leases — 0.2
Winnebago Industries, Inc.
Supplemental Information by Reportable Segment – Towable RV
(in millions, except unit data)
(Unaudited and subject to reclassification)
Three Months Ended February 28, 2026 % of Revenues(1) March 1, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$262.4 $288.2 $(25.9) (9.0)%Operating income 11.1 4.2% 12.7 4.4% (1.5) (12.2)% Three Months EndedUnit deliveriesFebruary 28, 2026 Product Mix(2) March 1, 2025 Product Mix(2) Unit Change % ChangeTravel trailer 4,917 74.3% 4,828 66.8% 89 1.8%Fifth wheel 1,698 25.7% 2,397 33.2% (699) (29.2)%Total Towable RV 6,615 100.0% 7,225 100.0% (610) (8.4)% Six Months Ended February 28, 2026 % of Revenues(1) March 1, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$555.8 $542.2 $13.5 2.5%Operating income 22.2 4.0% 21.6 4.0% 0.7 3.0% Six Months EndedUnit deliveriesFebruary 28, 2026 Product Mix(2) March 1, 2025 Product Mix(2) Unit Change % ChangeTravel trailer 10,076 71.8% 9,465 68.4% 611 6.5%Fifth wheel 3,960 28.2% 4,376 31.6% (416) (9.5)%Total Towable RV 14,036 100.0% 13,841 100.0% 195 1.4% Dealer Inventory(3)February 28, 2026 March 1, 2025 Unit Change % ChangeUnits 19,855 17,406 2,449 14.1% (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Percentages may not add due to rounding differences.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.
Winnebago Industries, Inc.
Supplemental Information by Reportable Segment – Motorhome RV
(in millions, except unit data)
(Unaudited and subject to reclassification)
Three Months Ended February 28, 2026 % of Revenues(1) March 1, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$304.7 $235.6 $69.0 29.3%Operating income (loss) 7.5 2.4% (0.6) (0.3)% 8.0 NM Three Months EndedUnit deliveriesFebruary 28, 2026 Product Mix(2) March 1, 2025 Product Mix(2) Unit Change % ChangeClass A 206 13.6% 278 24.3% (72) (25.9)%Class B 642 42.3% 283 24.7% 359 126.9%Class C 670 44.1% 583 51.0% 87 14.9%Total Motorhome RV 1,518 100.0% 1,144 100.0% 374 32.7% Six Months Ended February 28, 2026 % of Revenues(1) March 1, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$613.2 $507.3 $105.8 20.9%Operating income (loss) 15.7 2.6% (3.8) (0.8)% 19.5 NM Six Months EndedUnit deliveriesFebruary 28, 2026 Product Mix(2) March 1, 2025 Product Mix(2) Unit Change % ChangeClass A 486 17.2% 520 20.3% (34) (6.5)%Class B 899 31.9% 752 29.3% 147 19.5%Class C 1,437 50.9% 1,294 50.4% 143 11.1%Total Motorhome RV 2,822 100.0% 2,566 100.0% 256 10.0% Dealer Inventory(3)February 28, 2026 March 1, 2025 Unit Change % ChangeUnits 3,581 3,784 (203) (5.4)% (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Percentages may not add due to rounding differences.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.
NM: Not meaningful.
Winnebago Industries, Inc.
Supplemental Information by Reportable Segment – Marine
(in millions, except unit data)
(Unaudited and subject to reclassification)
Three Months Ended February 28, 2026 % of Revenues(1) March 1, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$79.2 $81.7 $(2.5) (3.0)%Operating income 2.9 3.7% 5.4 6.6% (2.5) (46.2)% Three Months EndedUnit deliveriesFebruary 28, 2026 March 1, 2025 Unit Change % ChangeBoats 992 1,046 (54) (5.2)% Six Months Ended February 28, 2026 % of Revenues(1) March 1, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$171.7 $172.2 $(0.4) (0.3)%Operating income 9.0 5.3% 11.6 6.7% (2.5) (21.9)% Six Months EndedUnit deliveriesFebruary 28, 2026 March 1, 2025 Unit Change % ChangeBoats 2,127 2,217 (90) (4.1)% Dealer Inventory(2,3)February 28, 2026 March 1, 2025 Unit Change % ChangeUnits 3,632 3,610 22 0.6% (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Due to the nature of the Marine industry, this amount includes a higher proportion of retail sold units than our other segments.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.
Winnebago Industries, Inc.
Non-GAAP Reconciliation
(Unaudited and subject to reclassification)
Non-GAAP financial measures, which are not calculated or presented in accordance with accounting principles generally accepted in the United States (“GAAP”), have been provided as information supplemental and in addition to the financial measures presented in the accompanying news release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the news release. The non-GAAP financial measures presented may differ from similar measures used by other companies.
The following table reconciles diluted earnings per share to Adjusted diluted earnings per share:
Three Months Ended Six Months Ended February 28, 2026 March 1, 2025 February 28, 2026 March 1, 2025Diluted earnings (loss) per share $0.17 $(0.02) $0.36 $(0.20)Amortization(1) 0.19 0.20 0.38 0.40 Loss on note repurchase(1) 0.03 0.07 0.03 0.07 Restructuring and related costs(1) 0.02 — 0.06 — Gain on sale of property, plant and equipment(1) (0.10) — (0.10) — Tax impact of adjustments(2) (0.03) (0.06) (0.08) (0.11)Adjusted diluted earnings per share(3) $0.27 $0.19 $0.65 $0.16 (1) Represents a pre-tax adjustment.
(2) The company's non-GAAP income tax impact is calculated using an estimated tax rate for the U.S. of 22.0% for Fiscal 2026 and 23.0% for Fiscal 2025.
(3) Per share numbers may not foot due to rounding.
The following table reconciles net income to consolidated EBITDA and Adjusted EBITDA.
Three Months Ended Six Months Ended(in millions) February 28, 2026 March 1, 2025 February 28, 2026 March 1, 2025Net income (loss) $4.8 $(0.4) $10.3 $(5.6)Interest expense, net 5.8 6.8 11.3 12.6 Income tax provision (benefit) 0.6 — 3.5 (1.5)Depreciation 9.6 9.4 19.4 19.1 Amortization 5.4 5.6 10.8 11.2 EBITDA 26.2 21.4 55.3 35.8 Loss on note repurchase 0.8 2.0 0.8 2.0 Restructuring and related costs 0.4 — 1.6 — Gain on sale of property, plant and equipment (2.8) — (2.8) — Non-operating income (0.2) (0.6) (0.3) (0.6)Adjusted EBITDA $24.4 $22.8 $54.6 $37.2
Non-GAAP performance measures of Adjusted diluted earnings per share, EBITDA and Adjusted EBITDA have been provided as comparable measures to illustrate the effect of non-recurring transactions occurring during the reported periods and to improve comparability of our results from period to period. Adjusted diluted earnings per share is defined as diluted earnings per share adjusted for after-tax items that impact the comparability of our results from period to period. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense and other pretax adjustments made in order to present comparable results from period to period. Management believes Adjusted diluted earnings per share and Adjusted EBITDA provide meaningful supplemental information about our operating performance because these measures exclude amounts that we do not consider part of our core operating results when assessing our performance.
Management uses these non-GAAP financial measures (a) to evaluate historical and prospective financial performance and trends as well as assess performance relative to competitors and peers; (b) to measure operational profitability on a consistent basis; (c) in presentations to the members of our Board of Directors to enable our Board of Directors to have the same measurement basis of operating performance as is used by management in its assessments of performance and in forecasting and budgeting for the Company; (d) to evaluate potential acquisitions; and (e) to ensure compliance with restricted activities under the terms of our asset-backed revolving credit facility and outstanding notes. Management believes these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry.
Winnebago Industries (WGO - Free Report) came out with quarterly earnings of $0.27 per share, beating the Zacks Consensus Estimate of $0.25 per share. This compares to earnings of $0.19 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +7.14%. A quarter ago, it was expected that this recreational vehicle maker would post earnings of $0.12 per share when it actually produced earnings of $0.38, delivering a surprise of +216.67%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Winnebago, which belongs to the Zacks Building Products - Mobile Homes and RV Builders industry, posted revenues of $657.4 million for the quarter ended February 2026, surpassing the Zacks Consensus Estimate by 5.18%. This compares to year-ago revenues of $620.2 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Winnebago shares have lost about 13.4% since the beginning of the year versus the S&P 500's decline of 4.2%.
What's Next for Winnebago?While Winnebago has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Winnebago was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.08 on $792.96 million in revenues for the coming quarter and $2.47 on $2.9 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Mobile Homes and RV Builders is currently in the bottom 12% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Lennox International (LII - Free Report) , another stock in the broader Zacks Construction sector, has yet to report results for the quarter ended March 2026.
This manufacturer of furnaces, air conditioners and other products is expected to post quarterly earnings of $3.14 per share in its upcoming report, which represents a year-over-year change of -6.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Lennox International's revenues are expected to be $1.06 billion, down 0.9% from the year-ago quarter.
